Buying Opportunity is seen in the Index. The Index is trading near its low at the lower level. We are seeing demand in the market which suggests positiveness ahead. At the Lower level Southern Doji was formed, when a Southern Doji is formed we suggest to exit from short and wait for another confirmation on the seller till the time avoid and buy only if the security is close above the Southern Doji. In our scenario the Index is trading near the SOuthern Doji, if the index is able to close above the Doji we will enter long on the Index with a SL of 8390 for a TP : 9250-9550.

A  trendline breakout is seen on the RSI which is indicating Positiveness. The RSI is following the price and is expected to follow the price in coming days.

The Lagging Indicator is also indicating Positiveness.

Once the DMI+ crosses above DMI- we will get another confirmation.

As per price action we will wait for the index to close above the doji and once the index is able to close above the doji we will advice to buy.

CHINAH

Oct 17 2021