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Nifty

Late hour profit booking pushed the nifty back below the 18400 level. On its daily scale a narrow ranged body has formedawayfrom its averages. Its daily RSI has displayed a positive crossover while ADX is flat, hence the ongoing momentummayonlyfizzleout incase the index drops below 18130 from hereon while the trend stop still remains at 18060.The probability of a3 point RSI-Price divergence still remains valid as data still indicates a likely final leg towards 18480-18600. Options bound are well definedaswe enter the final leg of the May series with 18000-18500 as a strong oscillating zone with 18300 being its midpoint. Freshwritingin yesterday’s session still affirms the 18300 to remain a valid support for the day. Traders should continue to holdtheir longsuntil 18060 is not violated on a weekly closing basis. On the flip side the zone around 18480-18600 looks tough for negotiation&could see more supply pressure in case the up move unfolds during this week itself.

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