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Nifty

Nifty continued to demonstrate improvement in strength throughout the session as it continued to trend higher despiteofitsoverbought reading on both its relative strength indicators. Though the relative strength indicators for the index arestill readingpositively, and it appears that a clear break from the broad 19560-19220 area has triggered fresh short covering rally. Theentirepatternresembles a "Bullish Flag" continuation pattern, with the initial target swinging around 19740 which is almost achievedandthesecondtarget swinging around 19950 could be achieved in the current expiry itself. With acceleration in momentumthe base for trailingstoploss has shifted higher to 19420 from 19300. Hence momentum traders may decide to cut back on their long positions incase19420isbreached from hereon. Until then one can retain or add further momentum longs for an eventual pattern target upto19950-20120itselfwhich could be witnessed during the current expiry itself.

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