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Nifty

Nifty50 surged towards the 20000 level as it continued to build its strength throughout the day to close the session at 19979; shortof21points from the crucial 20000 mark. It has been trending well above its 5 DEMA support level which is now at 19780; as thepricemovesfarther from its support base. With the price now entering target zone of the "Bullish Flag" pattern around 19960-20120 its ideal toremain cautious & avoid leverage longs. Both its momentum indicators have hit their extreme optimism level with RSI at 80&ADXtrending at 60 compliments a pause in momentum. Earnings announcements would keep the volatility high which couldpushtheindexwhich could dampen the bullish sentiment for a while. Hence traders should remain cautious for a while & avoid chasing momentumbutretain their existing long positions with adequate hedge. The ongoing momentum strength could be distorted in case the indexslipsbelow its 5 DEMA support level of 19740 while the up side remains open till 20120.

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