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Nifty

Again, yesterdays close resulted with a ‘Doji’ pattern formation; which indicates lack of certainty. Index moved marginally higheraboveits previous days ‘Doji’ pattern & slightly higher that the ongoing consolidation range. With the price trending above its 5- &20-daysEMA with its trend strength indicator RSI moving above 57 is still a dependable sign of continued strength. A breakout above19560-19600 cluster would be required for the bullish trend to witness directional momentum. On the flip side the declining ADXis acautioussign which may take a while to turn back above its 25 level. The 19560-19600 hurdle may see some initial profit booking but thesupportat 19300 looks confident & hence any marginal declines too should be utilised to add longs positions with a suitable hedge. Tradersshould give away their hedges once the index starts trending above 19600 while any declines should be utilised to add further positionswith an anticipation of a range breakout on the upper side.

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