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Nifty

Nifty slipped below its 5 DEMA support level 18520 on back of global news but managed to end the day on a better note at 18535 displaying the late hour comeback to end the month above 18500 comfortably. On its daily scaleit hasbeen forming a cluster of narrow ranged bodies above the crucial support zone of 18500 with resistance around18660. Breakout outside this narrow range of 18660-18500 would unlock the next leg of momentum on either side. Withbothits trend strength indicators still within their neutral zone the probability of a breakout remains high for a final swingtowards the upper end of the ‘Broadening Pattern’ formation currently placed around 18730-18850. Traders shouldcontinue to hold their momentum longs until 18440 holds with a likely final leg to extend the price momentumtowards18730-18850 zone this week.

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