Nifty close above its 200 DEMA level of 17520 – Tradebulls Securities

Nifty

Nifty is well placed around the upper end of its ongoing channel pattern formation. It not only filled the GAP area around17570butalsoregistered a follow through close above its 200 DEMA level of 17520. Both its trend strength indicators are diverging againas RSI continues to scale higher while ADX is still declining. With no strong continuation pattern displayed by the candlesticks its bettertobeaware as the assurance of a sustained-up move will be jeopardized once Nifty falls below 17400. Options data too indicates 17500-17400 to remain a crucial support band for the truncated week while resistance remains at 17700 itself. Being a truncatedweekkickstarting the results season it’s ideal to remain cautious & focus on sector rotational moves for short term trading. Investors ontheotherhand should continue to focus on relatively stronger sectors & stocks which did well during the last 4-6 weeks to retain their relativeprice outperformance

 

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