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Nifty

Nifty ended the August series on a strong note, rising 3.13%. Despite its monthly RSI being in the overbought zone (77), it maintained its low above its five-month EMA support of 23909 throughout the series. Strong long rollovers are shown by the Nifty's 68% rollover and 0.47% higher rollover cost of 117. The highest PE OI cluster is located at 25000 in the start of the series, whereas the significant CE OI cluster is at 26000. Technically, Nifty has been holding well above its 5 months EMA support along with its weekly 5 EMA support at 24780 With its Relative Strength Index (RSI) moving steadily at 67, the daily ADX has begun to move above its 25 mark, indicating directional momentum play. We expect the index to continue its journey towards 25450 without much hesitation with extended targets placed at 25810 & 25990 during the upcoming series. The entire equation may default in case the index registers a weekly close below 24760. While momentum trades should be reduced incase the index slips below its 5 DEMA support of 25010.

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