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Nifty

Nifty registered yet another narrow-ranged candlestick formation on its daily scale. The formation resembles a ‘Doji’ candlecharacteristics which still indicates the ongoing decisiveness to continue further until a range breakout is evident. Bothitstrendstrength indicators continue to display strength its daily RSI has officially entered its overbought zone & has beendisplayinga3-point negative divergence awaiting confirmation of reversal. The ongoing price formation looks evolving into a ‘BroadeningPattern’ formation with its higher side progressing towards 18730 (Upper end of Broadening) which remains validuntil 18200holds on a closing basis. Traders should continue to hold their momentum longs until 18440 holds with a likely final legtoextendthe price momentum towards 18650-18730 zone this week

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