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Nifty

Narrow ranged bodies near the Breakout zone around 18200 displays lack of conviction for a sustained rally.But Itstrendstrength indicators are still complimenting the ongoing up move with ADX trending higher around its 33 level whileRSI isyetto hit its overbought zone. Nifty yesterday slipped back to its 5 DEMA support & is yet to register a close belowthesame.Hence maintaining longs with a trailing stop loss at 18010 should be prudent.The ongoing sequence of gaps is yet towitnessan ‘Exhaustion Gap’; which could eventually establish a probable top once confirmed. Option data compliments theongoingup move as 18000 could retain its strength as a dependable base while unwinding above 18200 is the immediaterequisitefor a sustained rally to unfold.On the broader scale area around 18300 has remained as a supply zone. Hencethoughweareyet to witness any distortion or diverging signals within the ongoing trend its ideal to remain cautious once around18300-18460 zone where booking profits could be healthy, but avoiding any fresh leverage on either side should beone’spriority.

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