IGI Logo

Nifty

Nifty surged higher after retesting its 5 DEMA support level for the 30th consecutive session, holding above 24600, indicating continued bullish momentum. However, the widening gap between current price action and 5 WEMA support level of 24265 is a concern ahead of a key event next week. Yesterday's breakout momentum may help the index rise towards 24965, with its 5 DEMA support around 24600 indicating momentum strength. The ADX is moving above its 30 zone, indicating extended strength, while the RSI oscillates near its overbought zone. A significant fall below 24240 could change the trend, and it's advisable to be cautious when chasing breakout trades, as the continuation pattern target is near and the extended advance towards 24965 may not provide healthy risk reward opportunities. Due of the notable sector rotation swings that have been happening over the last several days it is better to adhere, the buy on dips approach which still remains effective as long as the index closes above its rising 5-day moving average.

Please refer disclaimer at https://www.tradebulls.in/disclaimer

SEBI Registration number is INZ000171838