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Nifty

Yesterdays close was established marginally above the ongoing consolidation range but the occurrence of the Doji Candlestickformationindicates lack of certainty. With the price trending above its 5 & 20 days EMA with its trend strength indicator RSI moving above50isstilla dependable sign of continued strength. A breakout above 19560-19600 cluster would be required for the bullish trendtowitnessdirectional momentum. On the flip side the declining ADX is a cautious sign which may take a while to tur back above its 25level. The19560-19600 hurdle may see some initial profit booking but the support at 19300 looks confident & hence any marginal declinestooshould be utilised to add longs positions with a suitable hedge. Traders should give away their hedges once the index starts trendingabove 19600 while any declines should be utilised to add further positions with an anticipation of a range breakout on theupperside.

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