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08-07-2024 10:30 AM | Source: Tradebulls Securities
The significant sector rotation moves that have been occurring over the past several days - Tradebulls Securities

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Nifty

After advancing above the 5-DEMA support level for more than 21 trading sessions in a row, the Nifty once more showed respect for it. It has been steadily rising, making a sequence of "Narrow" ranged bodies. A breakout from the upward channel pattern suggests a price target of up to 24560. Both of its relative strength indicators are diverging. The RSI is going higher near its overbought zone, and the ADX has begun to trend above its 25 zone, which is an important indication of extending strength. An immediate band of 24500–24200 itself is shown by weekly option data. A breakdown below 24040 from this point on would be crucial and might cause a shift in the trend in addition to a loss of bullish momentum. Expect the index to keep rising gradually in the direction of 24560 until then. It is advisable to exercise caution while chasing any breakout trades due to the significant sector rotation moves that have been occurring over the past several days. For intraday moves, the buy on dips technique is still beneficial as long as the index closes above its rising 5-day moving average.

 

 

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