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Nifty

During the week gone by the Nifty not only registered a fresh life high but also maintained its bullish momentumthroughout theweek.On the higher side an immediate extension towards 19430-19560 could be witnessed during the coming week itself whilethefloorlooksfirm at 19000 followed by 18800. The ongoing gap sequence breakout could be termed as a ‘Run Away Gap’ with support now at 19000 itself. With both its trend strength indicators trending higher complimenting the ongoing momentum; but RSI entering its overboughtzone could not be ignored. Hence traders should continue to add aggressive longs with an acceptable stop loss. On theabsolutepricescale, we believe that the ongoing move would continue towards 19430-19560 during the first leg of the July series itself. Whilethesupport base at 18860 could be an ideal threshold for absorbing any profit booking pressure. While the ongoing bullishmomentumtrend is expected to continue its bullish sequence until 18840 holds from hereon.

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