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Nifty

Index regains strength post its rebound from the base of the Broadening formation where it formed a Doji formation, reconfirming the base at 17400-17480 (20 DEMA) . A consecutive close above 17630 has confirm the Doji’s reversal effect while its trend strength indicators are now regaining strength too. We expect the index to remain oscillating within the ongoing Broadening formation. The current pullback within the pattern provides a good reward to risk opportunity to add aggressive longs with a revise stop below 17380. Hence we believe the ongoing upmove should scale towards the upper end of the broadening pattern which is placed around 18100-18400 during the first half of the series itself. Advice remains to retain / add longs on every opportunity going forward during the first half of the series.

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