The impending move could eventually stretch towards 19300-19450 in the coming days itself - Tradebulls Securities Ltd
Nifty
Nifty50 saw a 61.8% retracement pullback of its latest upmove from 18840 to 19233. It closed the day below its 5 days EMA with both its indicator vales diverging. The RSI is trending lower at 35 while ADX is higher at 38 & there is no clear not exhibit of any candlestick-based reversal pattern formation on its daily scale. But on its intraday scale there are signs of positive divergence which could have its effect in case the index jumps above the immediate hurdle of 19160 on a closing basis. The impending move could eventually stretch towards 19300-19450 in the coming days itself. While the base remains intact at 18850 itself. It is best to trade cautiously & address one day at a time in the short term. It is best to take a passive approach and only look at mean reversion trades that fall into the wide predicted range of 18600-19300 with 18850 being its mid-point. On immediate basis expect the index to oscillate within the 19300-18850 range with a positive bias
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