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Nifty

Nifty registered a strong confident breakout above the 18850-cluster resistance to register a fresh life high aroundthepsychological resistance level of 19000. The rally was well supported by banking & financial stocks which were lagging behind since last few weeks. Both its trend strength indicators remain confidently bullish with its RSI trending above 65 whileADXcontinues to hold above 30 level. On the absolute price scale, only a closing below 18640 would negate this freshongoingbullishmomentum which should continue towards 19200 in the coming weeks ahead. Options data at the beginning of theJulyserieswarrants 19300-19100 to remain a caution zone while base looks confident at 18900 itself. It’s ideal to add further momentumlongs until the index remains trending above 18820 while trend stop for major longs should be held at 18640 on a closingbasis

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