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Nifty 

Nifty again closed marginally below 18600 but it remains progressing well within the ‘Broadening Pattern’ formationwithmajorbounds placed at 18850-18200 while 18450 remains a mid-point for tracking momentum. Last week Nifty witnessedabriefphaseof consolidation with no signs of deceleration of strength as its RSI retains its rising sequence while ADX remainedFLATbutaboveits 25 level. Ideally the consolidation looks like a short-term squeeze before the expansion. With its trend strengthindicatorsstillfar away from their respective overbought zone a breakout above 18600 option cluster would trigger the next leg of momentumtowards 18730-18850 cluster for the month. Trading base has now been elevated higher towards 18400 from18200whichnowcould act as a trading stop for momentum longs. Pattern targets on the higher side remains progressing higher towards18850(Upper end of Broadening) which remain valid until 18200 holds for the coming weeks ahead while momentumlongs tobeheldwith a stop below 18440 on a weekly closing basis.

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