The hurdle has now shifted lower at 19740 with major resistance at 20000 for the coming weeks ahead - Tradebulls Securities
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Nifty
On the daily scale price pattern exhibits a perfect ‘Dragonfly Doji’ which has occurred with an ‘Exhaustion gap’. Yesterdays close with a gap up opening is a confirmation of the reversal in place. The development is an early indication & a further close above 19605 from hereon would extend the rebound towards 19740. 19600-19440 remains an immediate demand zone with reference of its prior impulse wave from the base at 19220 to 20222. Both its trend strength indicators are still not in a conclusive zone & hence there could not be enough evidence to conclude a likely upward shift in support base yet as per the relative strength parameters. With the ongoing gap sequence been complete with final gap it is advised to cover short positions & await a reversal sign for deployment of longs. The hurdle has now shifted lower at 19740 with major resistance at 20000 for the coming weeks ahead. Leverage longs should be added once a firm reversal signal is confirmed above 196045 on closing basis until then it’s ideal to remain cautious & avoid leverage on either side.
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