Nifty can reclaim 11,250 if it closes consistently above 10,950: Narnolia

Bulls made a splendid comeback last week. This is in-line with the trend that markets are positive in Christmas week almost 95 percent of the time. It has been almost two months that markets are trading in a tight range of marked by Bollinger bands. Recently, Nifty touched lower band around (10,540), from there it is moving towards upper band which is currently placed around 11,050.

Nifty has given a breakout of Cup and Handle pattern in a lower time frame and the target as per pattern is placed around 11,250, which looks possible on daily closing above major resistance of 10,950.

ADX indicator is still trading around 17, which is below crucial levels considered for trending market, expresses no strength in the current trend. However, weekly RSI is placed near 50 from the last five weeks. It indicates that sideways to positive momentum is intact. At the same time, VIX closed lower in this week around 15.27 suggesting average movement will continue.

Source:https://www.moneycontrol.com/news/eye-on-india/videos/buy-or-sell-stay-cautious-stock-specific-book-profits-on-every-rise-3338761.html

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