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Nifty

Nifty50 restricted its movement within the ongoing downward sloping ‘Channel’ pattern. Despite of the intraday slippages it again managed to regain its position above its 5 & 20-days EMA. The ongoing corrective price action has been confined with its trend strength indicators following the price. Only a breakout above 19840 price gets established the index would confirm reactivation of its bullish trend momentum; until then we continue to remain cautious & advice adequate hedge for any exiting long position. An early indicator of a change in mood that might eventually result in a breakout above 19840 would be an affirmative close above 19630. Therefore, once 19630 is violated within the current week itself, traders may decide to follow momentum. On the other hand, a consecutive closure below 19430 would go against the expected-up move.

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