The markets were up in the early trade itself. Nifty opened up with a gap at 5297. This was near to the highs of the trading session. The benchmark went above the 5400 mark but the move was susceptible to profit booking. It went for a slide to touch the 5360 levels which would be defending the current up move. The upper range of the candles is near the 5300-5335 mark which would be acting as a strong support to the benchmark. The shift of the range of Nifty is now in the 5335-5385 levels.
The short term moving average (5265) is trading above the medium term moving average (5217) which could be the first signal towards the medium term bullish picture. As suggested in our newsletter. The bottoming up of the moving average has proven to be the right signal. The current uptrend will be driven by the periodic nature of the moving averages.
The ADX continues to be on the upward direction with the level rising to 37.5 readings. This suggests that the current upsurge in benchmark is a trending movement, as iterated in the newsletters. The +DI & -DI are continuing with the diversion path away from each other. This would continue to push Nifty on the upper levels.
The MACD trend indicator is giving buying signals at every dip. The MACD line is trading above the Signal line which suggests holding long positions in current markets. The MACD Histogram is also continuing its journey towards higher levels, indicating that the advance would continue for the time till the indicator tops out.
The Slow Stochastic momentum indicator is continuing with the buying momentum in the indices. The %K line is trading above the %D line suggesting the presence of momentum on the buying side of the indices. The penetration of these lines above the 80 levels would provide impetus to the benchmark for the higher ground. We expect Nifty to trade in the range of
5405-5355.
The short term moving average (5265) is trading above the medium term moving average (5217) which could be the first signal towards the medium term bullish picture. As suggested in our newsletter. The bottoming up of the moving average has proven to be the right signal. The current uptrend will be driven by the periodic nature of the moving averages.
The ADX continues to be on the upward direction with the level rising to 37.5 readings. This suggests that the current upsurge in benchmark is a trending movement, as iterated in the newsletters. The +DI & -DI are continuing with the diversion path away from each other. This would continue to push Nifty on the upper levels.
The MACD trend indicator is giving buying signals at every dip. The MACD line is trading above the Signal line which suggests holding long positions in current markets. The MACD Histogram is also continuing its journey towards higher levels, indicating that the advance would continue for the time till the indicator tops out.
The Slow Stochastic momentum indicator is continuing with the buying momentum in the indices. The %K line is trading above the %D line suggesting the presence of momentum on the buying side of the indices. The penetration of these lines above the 80 levels would provide impetus to the benchmark for the higher ground. We expect Nifty to trade in the range of
5405-5355.
-TEAM SLT
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