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Nifty

Index remains on a strong trajectory as it continues to hold itself well above its 5DEMA zone. Options data indicates an immediate squeezed range of 15100-15300 with major bounds still around 15000-15500 for the week. Indicators on the other hand are still trending well into the bullish zone with RSi swinging towards 69 & ADX remaining strong above 34. Hence expect major momentum to unfold on a close above 15470 while any sustained move above 15100 would be considered as an opportunity to add longs within the ongoing range. Traders should continue to trade momentum until its previous days swing low is not breached consecutively . Buy on declines remains a prudent strategy as index scales above its life high. Major key level for the index now rests around 15470 while on the flipside 14930 has developed as an elevated support zone & a prudent stop for trading momentum

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