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Nifty

Without any indication of a price reversal formation, price activity is still restricted to the current 19560-19220 range. Althoughbothofits trend strength indicators have been hovering close to their respective overbought zones, no concrete signals of weakeninghaveemerged yet. The absolute price structure won't be bent because the base around 18600 appears solid. However, if further closesweremade just below 19220, momentum would be lost. However, a breach over 19560 would add to the strength for a sustainedadvancetowards 20150. Therefore, if 19220 is broken throughout the course of the week, which may cause the corrective wavetobegin,momentum traders may decide to cut their long holdings. Until a time and price correction is complete or the index breaksoutabove19560, aggressive leveraging should be avoided.

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