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Nifty

The week has started on a strong note as Nifty continued to register fresh life high. Expect the ongoing bullish momentum to push the index within the 19430-19560 expected target zone soon. The ongoing gap sequence has so far witnessed a ‘Break Away Gap’ &a‘RunAway Gap’ followed by yet another gap in yesterday’s session which could lay the foundation of the ‘Exhaustion Gap’. But thesamewould need a confirmation in the coming sessions with a strong price reversal below 19070 zone as the current baselooksgettingshifted from 19000 to 19100 for the week. With both its trend strength indicators trending higher complimentingtheongoingmomentum; but RSI entering its overbought zone could not be ignored. Hence traders should continue to add aggressivelongswithanacceptable stop loss. On the absolute price scale, we believe that the ongoing move would continue towards 19430-19560 during the first leg of the July series itself. While the support base at 19040 could be an ideal threshold below which momentum-basedstoplosscould be maintained as of now.

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