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Nifty

After a 6 days consecutive strength based rally the index may witness some cool off in momentum or consolidation above its short term averages. It did shot up farther away from its 5 & 20 DEMA hence a pullback towards the same followed by a consolidation would be a further healthy sign for the ongoing upmove. The immediate requisite for unlocking the directional momentum play is a sustained closing above 15040 which remains a key breakout zone on its weekly scale. Option data indicates a shift in range towards 15500-14500 for the month with 15000 being an intermediate resistance zone. Technically, a decisive break above 15040 shall unlock the broader move towards 15700-16000 in the months to come. Hence the strategy remains intact as the odds remain in favour of the investors, its ideal to retain the buy on declines strategy for investors & positional traders.

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