The Nifty maintained its higher closing sequence by gaining 37 points to its bullish total - Tradebulls Securities
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Nifty
On the day of the November derivative contracts' monthly expiry, the Nifty maintained its higher closing sequence by gaining 37 points to its bullish total. It formed a small-bodied bullish candlestick pattern at 20,133, showing buying interest at lower levels, with a long lower shadow on its daily timeframe. Another encouraging indicator is that there was a marked increase in trading activity on the expiry day, with FII purchases reaching their highest level since March 2 of this year. The index has been able to maintain a strong lead above its fiveday moving average support (EMA) at 19980, which may serve as a good stop loss level for momentum-based leverage long positions. While the ADX is trending steadily above its 35 level, the daily scale RSI is now approaching its overbought zone at 70. The trend strength appears strong for a further upside move towards 20475 in the upcoming December series itself.
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