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Nifty

As anticipate nifty continued to trend higher closing the day above its 4 days prior high. On its daily scale theindexisdisplaying a classic 2-point RSI-Price divergence which may extended into a 3rd point upswing towards 18480-18600. The‘Bullish Hammer’ occurrence near its 20 DEMA support level of 18090 reconfirmed the strength around that 18060-18000psychological level. Options bound are well defined as we enter the final leg of the May series with 18000-18500asastrongoscillating zone with 18300 being its midpoint. Traders should continue to hold their longs until 18060 is not violatedonaweekly closing basis. On the flip side the zone around 18480-18600 looks tough for negotiation & could see moresupplypressure in case the up move unfolds during this week itself.

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