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Nifty

Nifty witnessed a pause in momentum as it retraced back towards its 5 DEMA support from the expected resistance zonenear19560.The placement of its trend strength indicators has been supporting the fact of loss in bullish momentumas both the indicatorshavedisplayed a negative crossover respectively from their overbought zone. The absolute price structure won’t be distortedasthebasearound 18600 looks confident while a consecutive close only below 19220 would mean loss of momentum. On the flipsideabreakoutabove 19560 would unfold into further strength for an extended move towards 20150. Hence momentumtraders couldexit theirlongsin case 19220 is violated during the week; which may set the corrective wave in motion. Aggressive leverage longs shouldbeavoidedfortime being until a time & price correction gets completed or the 19560 is breached on the upside.

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