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Nifty

Nifty50 negated the ongoing three days of declining trend as it formed a higher high – higher low formation in yesterday’s session. Onceagain it closed above its 5-DEMA support level of 19720, its continued to show resilience throughout the day but it gave uponsomeofits gains. While ADX is still remaining flat & trending, the current placement of its RSI is unsettling. The first milestone has beencoveredwell in yesterday’s session as the rebound is likely to push the index towards the upper end of the consolidation range placednear19960. Traders should continue to exercise caution for a while and refrain from chasing momentum. They shouldn't increasetheirlongpositions without a sufficient hedging. If the 19700-support level is beached during the day, which might prolong the correctivephase,the current momentum strength appears to unfold well for a move towards 19960. For the day 19750 could remain a crucial supportwhile momentum could fizzle out around 19900 zone. Expect consolidation within the said range of 19960-19800 for the major partofthe day. While Bank nifty could surprise once above 46340 & extend its gains towards 46600 while supports look firmat 46000followedby 45800.

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