We expect further pickup in directional momentum once the ADX also breaks above its 25 level - Tradebulls Securities
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Nifty
Last hour profit booking restricted the index to close above the anticipated resistance level at 19850. But overall Nifty continued to display its strength as it swung towards 19900 during the day. Both its trend strength indicators are yet to sync as its daily RSI is trending higher & sustaining above its 60 level while ADX is yet to register a close above its 25 level. We expect further pickup in directional momentum once the ADX also breaks above its 25 level. Technically, the index is now trending close to its anticipated weekly cluster resistance zone around 19850-19000; further unwinding is expected to push the index above 19900 which could lead to further short squeeze in the upcoming week until it holds itself above its 5 days EMA support level. In the short term, expect the index to hold steady until 19550 is not breached, while an extended advance above the 19900 range would bolster the upward trend further towards 20120 in the upcoming weeks.
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