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Nifty

Index continues to display strength as it registered yet another closing above its breakout zone of 14660. With no signs of weakness in momentum expect the ongoing rally to stretch towards 15000. Ongoing waves intensity of the rebound suggests that the wave has developed into a fresh impulse wave pattern with its relative strength improving day by day. Traders should continue to trade momentum until its previous days swing low is not breached. 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 14660 has developed as an elevated support zone.

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