The ongoing vertical rally is likely to extend its stretch towards 20140-20200 zone - Tradebulls Securities
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Nifty
Yesterday Nifty Index displayed a Steller performance throughout the day. Despite of a gap up opening it continued to build on its strength to surpass its previous life high level of 19992. The ongoing vertical rally is likely to extend its stretch towards 20140-20200 zone post which it may become vulnerable due to its overbought state. Both its trend strength indicators have been trending well with the price action as RSI moves into the overbought zone at 71 while ADX has swiftly moved to 29 level in a day after breaking its 25 level on last Friday. With no sign of distortion in momentum strength as the stock rotation is extended to remain healthy momentum traders could shift their stops higher to 19740 while the upmove towards 20200-20580 zone looks robust. Nifty Put to Call ratio is now at 1.46; a few blocks away from its overbought zone. Hence leverage longs could be added only on declines while momentum longs to be reduced if the index starts trending above the 20200 during the week itself. Major trend stop remains at 19620 & should be reviewed once the index trends within 20200-20580 zone.
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