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Nifty

Nifty remained confined within its 5- and 20-days EMA levels of 19420 to 19340. It has been facing continuous supplypressurenear its 20 DEMA level which has now shifted to 19420. The failure to close above the ongoing declining channel patternisasignof continuation of corrective wave within the ongoing consolidation range of 19240-19520 for the final leg of the august series.With its RSI still declining at 45 & ADX line slipping lower its a complimentary sign for weakening trend. Major slippageswouldonly trigger incase 19160 is breached which would be a critical level to track for next few sessions. Traders shouldavoideitherside aggressive positions as the broader market still continues to remain healthy despite of the consolidation witnessedontheindex. Hence the outlook still remains cautious to negative until 19520 is not surpassed on the higher side while theindexcontinues to drift lower with its major base at 19160 and 19050.

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