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Nifty

Nifty50 not only slipped below its 5 DEMA support but also registered a close below the same. Violating the trailing stoplevel forongoing momentum longs. Unwinding pressure is likely to push the index further lower during the final stages of theJulyseries.The current placement of its RSI is discomforting with the price slippages below its 5 DEMA level while ADX is still holdingflat&trending. Earnings announcements would keep the volatility high which could push the index either ways or coulddampenthebullish sentiment for a while. Hence traders should remain cautious for a while & avoid chasing momentum. They shouldrefrainfrom adding long positions without any adequate hedge. The ongoing momentum strength seems to be distorted&mayseefurther slippages in case 19600 support level is beached during the day which could extend the decline towards its 20DEMAsupport zone near 19440 during this week itself.

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