The hurdle at 20200 has now become a key hurdle with minor resistance at 20000 - Tradebulls Securities
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Nifty
Index again witnessed a sustained gap down movement throughout the day as it closed the session below its 20 days EMA support zone of 19780. At the beginning of the week we saw the running trend being breached with a ‘Breakdown Gap’ followed by yesterdays ‘RunAway Gap’ which now leads a scope for the important ‘Exhaustion Gap’ to occur. The hurdle at 20200 has now become a key hurdle with minor resistance at 20000. Since the breakdown of key support area at 19850 confirmed the loss in ongoing bullish momentum strength the ongoing decline could see a final stretch towards 19640-19600 zone. Leverage longs should be added once a firm reversal signal is confirmed. Since major trend stop still remains at 19620 which also coincides with the 61.8% retracement support zone of its prior impulse wave. The said zone has a good scope for price stability around the same which could be an opportunity area for redeployment of long positions going forward in the upcoming October series until then one can remain light on positions & maintain a long short equation until a reversal gets set at least on its daily scale.
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