Nifty after a major fall was under base building formation for around
21 days with rising RSI i.e. positive divergence,
and finally we saw breakout from the base on Monday with a gap and also
successfully breached above 20DEMA which was an indication of exhaustion for the prior trend.
But, after 20DEMA we were witnessing resistance @50DEMA since last three days but it
seems that market could leap over 50DEMA with a gap same like in case of 20DEMA above which
the doors of 17000 will be open.
Long above 50DEMA with stop of 20DEMA for target of 16952 to 17100.
21 days with rising RSI i.e. positive divergence,
and finally we saw breakout from the base on Monday with a gap and also
successfully breached above 20DEMA which was an indication of exhaustion for the prior trend.
But, after 20DEMA we were witnessing resistance @50DEMA since last three days but it
seems that market could leap over 50DEMA with a gap same like in case of 20DEMA above which
the doors of 17000 will be open.
Long above 50DEMA with stop of 20DEMA for target of 16952 to 17100.