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Nifty

Nifty50 again failed to close the day above the 19480 (Declining Channel) resistance level. Yesterday was the 2nd attempt tosurpassthe19500 hurdle; which it did & saw a swing towards 19584 above its 20 DEMA level. But on a closing basis it not only slippedbelowthe5DEMA support level but also closed below the same. Its RSI (Relative strength indicator) had displayed a positive crossover nearits50zone but is yet to register a swing close above the same. Since the index has again slipped back within the ongoing box rangeof 19480-19300 it’s important that it holds itself within the same & revives at the earliest. Else we may see swing breakdown below19300whichcould push the index towards the support base of the ‘Channel Pattern’ which is placed at 19160. Bullish pattern implications wouldonlyunlock once the index registers a close above 19480 level. Expect the oscillation within the ongoing descending channel tomaturesoon& nifty50 to commence its bullish directional momentum towards 19660-19700 cluster until 19300 holds. Therefore, its ideal fortradersto reduce their hedge once the closing is established above 19520 & opt for building aggressive longs once above 19660.

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