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Nifty

The index closed slightly lower at 19526 despite a late rally that allowed it to return to its 20 DEMA support level around 19560. Before breakingabovethe 19840 level, the current corrective wave is anticipated to finish its time-wise correction within the aforementioned oscillation range of 19800-19500. However, at this point, RSI is situated close to its 50-support zone while ADX is still progressively decreasing. Both of its trend strengthindicatorshave been heading lower gradually. Only a consistent closing below the 19430 zone would weaken the key bullish sequence because the pricemovement thus far has been above its 5 WEMA support of 19540. The index developed a clear "Engulfing Bullish" candlestick formationonits60- minute scale even during yesterday's rebound from the predicted support zone of 19430. The setup for the upcoming weekly expiry is favourableforaprofitable mean reversion trade, with the base around 19450 and the upper bound set at 19800 itself. Once the nifty50 is above the halfwayzone, which is around 19630, look for it to make a significant return.

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