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Nifty

The continuation of uncertainty is indicated by a drift and a closing below the "Spinning Top" pattern low. The index encountered resistance close to its 20 DEMA level, which has moved lower to 24380 as the day's trading range has shrunk to 24380–24080. The daily RSI is still lower below its 50 level while the ADX has been increasing around 33, both of its trend strength indicators are still weak and are following the market movement. A range bound oscillated move inside the wider range of the 23840-24450 zone is likely to continue given the lack of significant price reversal forms on its larger degree timeframes. The current major base stands around 23840 (5 MEMA Support) which coincides with options base around 24000 followed by 23800 which still remains an ideal zone for buying. Investors need to keep adding long positions until the weekly closing basis level of 23840 holds, while traders can retain some long short positions until the index rests within this broad range of 23840-24455.

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