Powered by: Motilal Oswal
15-10-2024 09:51 AM | Source: Tradebulls Securities Pvt Ltd
The ``Bullish Harami`` pattern effect should come into play as the index almost closed near the trigger level of 25140 - Tradebulls Securities Pvt Ltd

Follow us Now on Telegram ! Get daily 10 - 12 important updates on Business, Finance and Investment. Join our Telegram Channel

Nifty

The "Bullish Harami" pattern effect should come into play as the index almost closed near the trigger level of 25140. The reversal from near the 24,760-support zone, combined with technical indicators like the ADX and RSI, points toward a potential shift in market momentum. The fact that the index is holding above 25,000 is an early but important sign of strength, and the RSI bullish cross over on its daily chart adds to the case for a possible reversal. However, since confirmation is still lacking, maintaining a mix of long and short positions to hedge risk makes sense, particularly for momentum traders. Breakout above the key resistance at 25,140 should push the index immediately towards its 20 DEMA level of 25273 which is an important breakout zone for directional momentum to gain further confidence. For long-term investors, the demand zone from 25000 upto 24,500 provides an attractive entry point for building positions if the bullish scenario strengthens. It's clear that the market is at a crossroads, and prudence would prove healthy for further signals before fully committing to a directional trade.

 

Please refer disclaimer at https://www.tradebulls.in/disclaimer

SEBI Registration number is INZ000171838

To Read Complete Report & Disclaimer     Click Here

Views express by all participants are for information & academic purpose only. Kindly read disclaimer before referring below views. Click Here For Disclaimer