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Nifty

Nifty reconfirmed its 20 DEMA support zone at 18640 as it never slipped below its previous days swing low. On the daily scaleaclassic‘Inside Bar/ Doji’ formation is evident complimenting the ongoing indecisiveness prevailing in the market. Both its trend strengthindicators too retraced with the price action as RSI is now close its 50-support zone while ADX is still way above its 25 level. Ontheabsolute price scale, a pause is evident within the ongoing bullish trend. The immediate support zone to track during the expiryweekisplaced at 18605-18540 which also coincides with the ‘Rising Wedge’ & fresh channel pattern support zone. A consecutiveclosingbelowthe same could unfold a deeper corrective move hence its ideal to remain cautious until further clarity is evident on its pricescale. Onthe flip side a confident breakout above 18850 is needed to resume fresh aggressive longs until then it’s ideal to avoid leveragepositionson either side until the expected range of 18540-18850 holds.

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