Post knocking near the 13200 mark the index slipped back within its oscillating range of 13000-12800. On the daily scale a Belt Hold formation could signal a consolidation more than a correction. Despite the unwinding the index managed to maintain its close near the proximity of its 5 DEMA. November so far has been a significant month from a price & volumes perspective both. Index has been elevating its base & still the options data indicates a range placed at 13000-12800 for the current expiry. Despite the overbought reading on both the trend strength indicators there are no signs of any developing divergence which remains a positive sign for the market so far. The immediate headwind for the index rests near the ‘Flag Pattern’ target zone placed around 13090. 13000-13090 remains the key zone for the bullish momentum to resume again towards 13570 while on the flipside supports are well placed at 12730. Hence its ideal to retain longs until 12730 (closing basis) holds while the review zone above 13090 remains around 13570 which should be participated with quality stocks only.
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