The index is nearing the resistance zone of its weekly channel pattern - Tradebulls Securities Pvt Ltd
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Nifty
Following 13 sessions of advancing above its 5 DEMA support level, the Nifty reversed course and fell below the 5 DEMA support level at 22620 as profit booking pressure mounted again around the expected caution zone of 22750–22990, which might serve as a strong resistance zone this month. While neither of its trend strength indicators is nearing its respective overbought zone, the RSI has shown an unfavorable crossover at its 60 level that cannot be ignored. The options data for the current week shows that strong boundaries have been set around 22600 to 22200, with wings extending to 22800 to 22000, in that order. Given that the majority of the index's components are showing indications of exhaustion, the most recent dip might cause the index to fall below its 20 DEMA support level, which is currently at 22380. Given that the index is nearing the resistance zone of its weekly channel pattern, it is best to exercise caution when pursuing any breakout moves or to discontinue the buy on declines strategy if 22360 is violated on a weekly closing basis.
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