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Nifty

Consecutive occurrence of ‘Doji’ formation on its daily scale is a confirmatory sign of consolidation. Nifty has so far held its lows & close above its 5 DEMA support zone but its relative strength action has displayed a negative divergence on its RSI which is a sign of diminishing bullish strength. It is too early to assume any loss of momentum to change in trend hence its ideal to keep trailing stop higher towards 21470 now for also fresh additions in long position. Expect trading momentum once outside consolidation range of 21810-21660. The ongoing buy on dips strategy remains intact until a reversal formation occurs or the index records a consecutive closing below its swing support range of its prior days low. It is best to hold onto longs using the trailing stop method below 21470 for leverage longs while 20980 remains the trend reversal level.

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