Trading base has now been elevated higher towards 19540 from 19440 which now acts as an ideal trading stop for momentum longs - Tradebulls Securities Ltd
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Nifty
Nifty continued to display strength as it continues to trend upward above its 5- & 20-days EMA levels. Though it consolidated near its key pivotal resistance level but did not register the breakout close above the 19840 level nor did it form any reversal candlestick formation.The recent ‘Bullish Marubozu’ candlestick formation reaffirmed the 0-2 trendline base around 19500 to remain firm even in the short term. While the anticipated resistance level for the week stands at 19840 which could eventually see a firm breakout to push the index towards the key Gap resistance zone around 20100. Trading base has now been elevated higher towards 19540 from 19440 which now acts as an ideal trading stop for momentum longs. Options data too concludes that the 19700 remains confidently held while upside range has shifted towards 20000-20100 for the current week. Leverage longs could be held until 19540 is not breached from hereon while further aggressive additions to be considered even on declines which could be reviewed once the index trends around 20100 zone.
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