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Nifty

Nifty50 attempt to surpass the 19500 hurdle was fuelled by BankNiftys optimism. It failed to close the day above the 19480(DecliningChannel) resistance level but the way its RSI (Relative strength indicator) has displayed a positive crossover near its 50zone; wecouldsee the hurdle getting surpassed during todays session itself. Yesterdays close was above its 5 DEMA support base whichalsovalidatesthe upcoming strength. So far, the index is consolidating within the bullish hammer patterns range. The pattern implications wouldonlyunlock once the index registers a close above 19480 level. Improvement in the placement of its indicators with RSI turningpositive&ADX flat, a clear breakout above the 19520 (Upper range of channel pattern) could see a strong revival in bullish directional momentum.Expect the oscillation within the ongoing descending channel to mature soon & nifty50 to commence its bullish directional momentumtowards 19660-19700 cluster immediately. Therefore, its ideal for traders to reduce their hedge once the closing is establishedabove19520 & opt for building aggressive longs once above 19660

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