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Nifty

Nifty made yet another attempt to surpass the psychological hurdle around 25000. It formed an ‘InsideBar/ Doji’ candlestick formation within its previous days range which compliments consolidation. The recent rebound from its 20 DEMA support zone at 24200 displays the impulse wave characteristics which would push the index immediately towards 25065. A fresh breakout on the ADX indicator above the 25 level compliments the ongoing trend strength to continue as the index would gather further momentum once above 25065 level to rally towards 25475 (the rounded bottom pattern target) as per its daily scale setup. The August series' options base appears solid at 24000 followed by 24500, and the upside potential stretches towards 25500. With the event volatility subsided & the India VIX descending towards 10 would ensure stability in the coming sessions once the Nifty Bank expiry concludes. The 24500 base appears to be well established for a breakaway advance towards 25000 this week & 25500 during the coming week itself. Momentum investors need to keep adding long positions until the weekly closing basis level of 23990 holds, and traders need to follow the 24395 bases while building new long positions.

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