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Nifty

Nifty commenced the week on a strong note. The bullish crossover on its 5 &20 DEMA along with a positive crossover on its daily RSI above 50 are good signs of incremental strength & fresh momentum. The index is expected to continue its upward journey towards 25450 without disrupting the current base at 24000. Nifty has been rising above its 5-month EMA (23830) for the past 17 months in a row. It maintains its close above 23830 and adheres to its higher top higher bottom sequence (Bullish count) on its weekly scale. Options data indicates 25500 as a make-or-break zone with minor hurdle at 24700 ahead of the key resistance bound of 25000. Unwinding in 24700 CE OI could accelerate the up move towards the weekly gap resistance around 24940. Momentum investors should keep adding to their long positions as long as these guidelines are in place. Nifty Bank is making its comeback by establishing a double bottom sequence on its immediate price scale with successive bullish hammer candlestick patterns on its weekly time frame. The support base for the week is at 24200, and a bullish crossover on the 5 and 20 DEMA indicates that there could be incremental momentum to push the index immediately higher towards 24830-24960 zone during this week.

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