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Nifty

The index saw a brief spell of consolidation without any indications of a significant weakening. The current corrective waveshouldideally finish time-correcting before breaking over 19840. Although both of its trend strength indicators have been progressivelydeclining, they have not yet shown any significant symptoms of weakness, which supports the current price correction as acomponentof the bigger upward trend. Yesterday's close was lower than its 5DEMA support and close to its 20DEMA level, which was situatedcloseto 19500. For a while, traders should continue to be remain cautious and avoid chasing momentum. Without adequate hedging, theyshouldn't raise their long positions. The strategy might alter if the 19430 support is consistently broken; otherwise, expect consolidationmode to persist inside 19800-19500 during the week.

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