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Nifty View
The Nifty continues to consolidate around 11,000 levels with 20 DEMA (11,123) acting as immediate resistance. Consecutive occurrences of bullish formations i.e. “Bullish Harami”, “Bullish Hammer”, and “Bullish Engulfing” around the 100 WEMA (10,775) in the previous week has stalled the downside momentum, validating the view of short-term bottom in place. Further upside momentum would be witnessed with a probable continuation of short covering that targets recent swing high of 11,180 and 11,260 (200 DEMA). Only a breach and close below its 100 WEMA (10,775) could commence fresh downside move targeting 10,600 levels that happen to be
The Nifty continues to consolidate around 11,000 levels with 20 DEMA (11,123) acting as immediate resistance. Consecutive occurrences of bullish formations i.e. “Bullish Harami”, “Bullish Hammer”, and “Bullish Engulfing” around the 100 WEMA (10,775) in the previous week has stalled the downside momentum, validating the view of short-term bottom in place. Further upside momentum would be witnessed with a probable continuation of short covering that targets recent swing high of 11,180 and 11,260 (200 DEMA). Only a breach and close below its 100 WEMA (10,775) could commence fresh downside move targeting 10,600 levels that happen to be
