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Nifty

The week saw Nifty maintain its solid trend strength, which enabled it to shut the weekly gap window at 24700. It has been trending above its 5 DEMA support level of 24710 and has been making good progress towards the 24960-gap area. With the daily RSI going over 60 and the ADX lingering around its 25 level with its +DI currently trending above 30, all of its trend strength indicators are positioned nicely within their respective positive zones. After closing above its 20 DEMA resistance level on July 4, 2024, Nifty Bank is making a strong comeback as seen by its daily RSI moving above the 50 level. The options data for the expiry week shows that resistance appears solid around 25000, with 24700 acting as an immediate support. When the index rises over its five-month moving average (EMA) level of 23900, momentum investors should continue to increase their long bets. The weekly RSI shows a bullish crossover, suggesting that there may be incremental momentum to take the index directly beyond the 24960–25000 zone in the upcoming week itself. Momentum investors should keep adding to their long positions as long as the index trends above its 5 months EMA level of 23900.

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