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Nifty

After displaying consecutive narrow ranged candles holding above its 5 DEMA support the index again witnessedafreshbreakout move scaling towards 18340. With its trend strength indicators trending close to their overbought zone, thereisano sign of divergence or distortion in ongoing momentum. The current rebound reconfirms the elevated basearound18000 even on its derivative data. On the flipside the major threshold on the upside remains at 18300 followed by 18500itself.Unwinding above 18300 could see an immediate swing towards 18488 level & hence its ideal to retain momentumlongsuntil the index holds its close above its 5 DEMA level of 18080.

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