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Nifty

Nifty saw a good rebound which helped the index close above its 5 DEMA level of 19710. The current corrective wave should ideallyfinishtime-correcting before breaking over 19840. Although both of its trend strength indicators have been progressively declining, they have not yet shownanysignificant symptoms of weakness, which supports the current price correction as a component of the bigger upward trend. Yesterday's closeabove5DEMA support reconfirms the support base around 19600-19500 to remain stable for the current week. Seasonality factor score for monthof Augustremains strong with 5YR avg. gains indicating a similar trend like July with gains close to +3%.For a while, traders should continue to be remaincautiousand avoid chasing momentum. Without adequate hedging, they shouldn't raise their long positions. The strategy might alter only if the 19430supportisconsistently broken; otherwise, expect consolidation mode to persist inside 19800-19500 during the week. While breakout level for reestablishingmomentum strength stands at 19840 itself.

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