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Nifty

Index continues to display strength for 4 consecutive sessions in a row with a close above its 5 & 20 DEMA range after 11 sessions now . It has managed to climb towards the upper end of its ongoing ‘Channel’ pattern with mush ease but a breakout above 14705 remains mandatory for further strengthening of the ongoing reversal. Option data indicates a shift in range towards 14500-15000 & hence only a close below 14500 would be detrimental for the ongoing bullish momentum. While the broader range for the index stands at 15000-14000.Technically, a decisive break above 14700 remains the main requisite for a firm directional momentum to unfold towards 15040. But until within range it’s ideal to retain low on leverage & maintain a mean reversion approach.

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