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Nifty

Nifty demonstrated a close around the top of the current price oscillation band of -19300, maintaining its strengthaboveits5 DEMA support level of 19440. The relative strength indicators for the index are still reading positively, andit appearsthata clear break from the broad 19560-19220 area is imminent. The entire pattern resembles a "Bullish Flag" continuationpattern, with the initial target swinging around 19740 and the second target swinging around 19960. Therefore, if 19300isbreached over the week, momentum traders may decide to cut back on their long positions. Until then onecanretainoradd further momentum longs on a further confirmatory close above 19560 zone.

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