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Nifty

Nifty regained its lost ground in the final leg of the series as it surpassed the key hurdle of 17240. The latest breakout above 50 on its daily RSI along with the positive convergence of its 5 & 20 DEMA is an early sign of a further range breakout to be witnessed even above the 17660 resistance zone. On the lower side 17040 now should act as a meaningful support zone during the week until we witness a positive data set emerging on its ADX tool as well. A breakout close above 17660 would set the pace for an early swing towards 18000 while only on a confirmatory close below 16930 would negate the intermediate bullish momentum & hence we continue to adhere a buy on declines strategy during the week as well.

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