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Nifty

Yesterday’s rally post its GAP up opening remain tepid. As Nifty approached its historical supply zone around18300.Breakout above the 17880 congestions with a GAP displayed the BreakAway Gap characteristics as further unwindingpressure could be evident going forward for a move towards 18200-18300 zone.Options data for the week indicateskeybounds now at 18200 to 17700 itself. With its ADX now breaking its 25 zone is the only positive amidst the overboughtreading on its other trend strength indicators. RSI is near the 70 zone while OI-PCR retraced from1.48 to 1.31duringtheday. It’s likely that the ongoing momentum could stretch itself further towards 18300-18460 zone until 17880holds.Hence fresh longs to be maintained with a stoploss now below 17880 & should be further elevated towards 18020onceacloseisestablished above 18200.

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