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Nifty

Despite the narrow ranged formations index continued to maintain its tail above its short term average support zone. Its 5 & 20 DEMA are still placed well within the trending mode framework despite the heavy gyration around the 15000 mark. Though the broad trend for the Nifty remains bullish as the index remains locked-in within the thresholds of its ‘Rising Channel’ pattern. The recent occurrence of the ‘Bullish Harami’ formation reconfirmed the pattern support at 14400; as the index saw a swift bounce back from the same. Post that narrow ranged candles during the week depict the subdued price action during the session; as most part of the volatility gets addressed during the opening session which primarily depends on the global developments. For the current truncated week its ideal to expect continuation of the ongoing consolidative move with bounds been placed around 14500-15500 with 15070 being a momentum gauging zone within the range. Traders should remain vigilant, retain low leverage trades & continue with long short pairs as the stock & sector rotation remains healthy. For the day expect the index to witness some expansion within the broader zone with 15000 likely to act as an elevated support zone, while momentum could witness further acceleration on a breach above 15240

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