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Nifty

Index witnessed a brief phase of consolidation with no signs of deceleration of strength. Ideally the consolidation looks like a short term squeeze before the expansion. Its trend strength indicators are placed in their respective overbought zone but none have any signs of divergence or weakness. Breach above 17500 option cluster would trigger the next leg of momentum towards 17840-17700 cluster for the month. Trading base has now been elevated higher towards 17170 from 16980 which now could act as a trading stop for momentum longs. Pattern targets on the higher side remains progressing higher towards 18000 (Upper end of rising Channel) which remain valid until 16930 holds for the coming weeks ahead.

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