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Nifty

Nifty50 continued to build its strength as it displayed a strong recovery from its days low to end the day not only above its previousday’shigh but also close the day above it. It has been trending well above its 5 DEMA support level which is now at 19680 despiteitsrecurringnarrow ranged bodies since last few sessions. The ongoing continuation pattern; the "Bullish Flag" second target zone is placedaround19960-20120 which could be achieved in the current expiry itself despite of its overbought reading of its momentumindicators. Withacceleration in momentum the base for trailing stop loss has shifted higher to 19570 from 19420. Hence momentumtraders maydecideto cut back on their long positions in case 19570 is breached from hereon. Until then expect index to retain its trend strengthaboveits5DEMA support. Any declines can be utilised to retain the buy on decline strategy to add further momentumlongs for afinal patterntarget upto 19950-20120 itself which could be witnessed during the current expiry itself.

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