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Nifty

Despite the index now close to one of the pattern target at 17170, expect the ongoing momentum to stretch towards 17400 as the index continues to register strong long bars post its breakout from its pitchfork range. The range breakout also compliments the upward swing levels close towards 17400-17600 (Weekly channel upward bound). Both its oscillators have been quoting in their respective overbought zones but there are no traces of divergence in strength or weakness. With its trading base now been elevated higher towards 16680 from 16550 which now could act as a trading stop for momentum longs. Pattern targets on the higher side remain intact around 17600 (Upper end of rising Channel) which remain valid until 16360 holds for the coming months

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