The nifty recently registered a close below its 20 DEMA - Tradebulls Securities
Nifty
Nifty is expected to face supply pressure around the immediate resistance level around 21800. It continues to trend lower below its 5 DEMA level of 21740 despite the recovery from its immediate support base around 21600. The nifty recently registered a close below its 20 DEMA support level of 21680 for the first time during this series. With its RSI falling towards its 50 level & ADX continuously drifting lower it’s a strong sign for follow through weakness to be witnessed during the week. Options data now indicates 21800 to remain an immediate hurdle while 21600 & 21500 put buildup remains a significant support below which the unwinding pressure could amplify. Hence the outlook remains cautious as we anticipate further oscillating moves within a broad range with multiple resistance clusters around 21800-22000 level while key support zone is now placed at 21500 followed by 21000. As the India VIX continues to trend up above its 5 WEMA support level of 14.40 but faces resistance around its 200 WEMA level of 16 its ideal for traders to remain cautious while deploying any leverage directional trades.
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