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Nifty

Index slipped towards its 20 DEMA zone but did not register a close below the same. It has been oscillating near its 5 DEMA zone of 15780 for a while & it may continue to do so for the week. The immediate band for this week’s consolidation stands around 15900- 15700. But the key trigger for directional momentum remains intact at 16040. Option pain stands around 15750-15800 zone as fresh writing been witnessed at 15900 & 16000 strikes looks far confident & may not see a break above the same during this week. Momentum if any could only be sustainable once 16040 is breached with aggressive price performance . Hence a breakout above 16040 remains the immediate requisite for unlocking any major directional momentum with major key trend support for the month been placed at 15400-15440. Until then expect further consolidation /corrective action within the ongoing range of 15700-15900.

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