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Nifty

Despite the good start for the week, the index failed to close above 18040 as it retraced back below the breakout zone. The latest 'Doji' within the ongoing upmove requires a confirmatory close on either side of its range for unlocking the respective side momentum. Hence for the week a decisive close above 18040 could unlock fresh momentum towards 18200-18300 (Upper end of Broadening formation). While any slippages below its 5 DEMA zone of 17760 would result into a temporary pause in the uptrend which could lead into a consolidation phase. Though larger degree trend still remain positive any pullbacks within the broadening formation would provide opportunities to realign trading folios for the next leg of bullish momentum. For the week traders should await for a confirmatory close above 18040 for adding further aggressive longs while major stop still remains at 17580 itself.

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