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Nifty

Nifty witnessed first phase of profit booking near the anticipated resistance zone around 18340. It formed a narrow-rangedbodyresembling a ‘Spinning Top’ kind of a formation. 18340 remains a strong hurdle ahead of 18500 while its critical support for theweekstands at 18060 which would lead to a corrective phase once below the same. Its daily RSI has been indicating loss in momentumbuttherecent narrow candle also displays divergence signs & hence a close below 18060 from hereon could lead the index lower. Henceinvestors are advised to monitor market movements closely for next few days and wait for a clear trend to emerge to addanyfreshdirectional position on either side as we expect the broader range to remain intact at 18340-18060 for the rest of the week. Whiletraders should focus on the 18060 supports as a key pivotal level for change in momentum; but continue to hold longs until thesameholds as sector rotation due to earnings momentum remains strong.

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