The index appears to be headed towards 22390-22500 - Tradebulls Securities
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Nifty
Nifty50 continues to hold its close above its 5 DEMA support level with formation of narrow ranged bodies. Range bound mode is expected to continue until the 22000-support level is defended along with some slight profit booking. Options data for the final week of the series shows an upward shift in bounds towards 22300 to 22000, with 22000 serving as the key pivotal support for keeping the bullish mode active. Technically, the index appears to be headed towards 22390–22500 as long as it continues to maintain its close above 21920 (5 WEMA Support). But India VIX (Volatility /Fear Index) still remains confined within 16 level (its 200 WEMA level) & 14.70 (its 5 WEMA); this consolidation is a sign for traders to avoid leverage positions on either side & wait for a decisive range breakout to deploy directional positions. Outlook still remains neutral to cautious as sector rotational move would attract further rise in volatility.
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