Traders advised caution as index continues downward movement - Tradebulls Securities Pvt Ltd
Nifty
Nifty maintained its steady up move throughout the session & managed to end the session above its 5 DEMA support level of 22170.Onits daily scale on Monday, it had displayed yet another bullish reversal candlestick pattern viz. the ‘Bullish Hammer’ whichawaitedaconfirmatory close 22210 for activation of its bullish implications. With both its trend strength indicators still displaying weaknesswithADX trending higher at 29 level while RSI still lower below its 50 level it’s better to wait for a confirmatory close above 22360toconcludea firm reversal. Until then expect the immediate trend the remain bearish with immediate support near 21830 followedby21600whileresistance zone for the week is placed at 22300-22360. Traders are advised to remain selective while deploying any either sidetradesuntil the index continues its downward movement. Since the ongoing surge in volatility is expected to continue its ideal tokeepleveragepositions low or deploy adequate hedge until volatility cool down.
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