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Nifty 

After 6 consecutive positive closings the index closed below its opening level to form a long shadow candlestick formationwhichresembles a ‘Long Legged Doji’. The occurrence of such a formation near the anticipated resistance cluster of 19430-19560 is asignofcaution. The ongoing gap sequence has so far witnessed a ‘Break Away Gap’ & a ‘Run Away Gap’ followed by yet another gapinyesterday’s session which could lay the foundation of the ‘Exhaustion Gap’. But the same would need a confirmation in thecomingsessions with a strong price reversal below 19220 zone to conclude the ongoing bullish momentum. With both its trend strengthindicators trending higher complimenting the ongoing momentum; but RSI entering its overbought zone could not be ignored. Hencetraders should continue to add aggressive longs with an acceptable stop loss. On the absolute price scale, we believe that theongoingmove would see a pause towards 19430-19560 during the first leg of the July series itself. While the support base at 19220couldbeanideal threshold below which momentum-based stop loss could be maintained as of now

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