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Nifty

Nifty remains confined within its broad consolidation range of 19520 to 19240 but it continues to drift lower. It has beenfacingconsistent profit booking pressure near its 20 Days EMA level which is now placed around 19420. The constant failuretocloseabove the ongoing declining channel pattern is a sign of continuation of corrective wave within the ongoing consolidationrangewhich may witness a further drag towards 19050 (Lower end of the Channel pattern) incase the index slips below19240-19160cluster support. With its RSI still declining at 42 & ADX line slipping lower its a complimentary sign for weakening trend. Tradersshould avoid either side aggressive positions as the broader market still continues to remain healthy despite of theconsolidationwitnessed on the index. Hence the outlook still remains cautious to negative until 19520 is not surpassed on the higher sidewhilethe index continues to drift lower with its major base at 19160 followed by 19050.

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