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Nifty

Index commenced the week on a positive note within the existing consolidation range thresholds. Ideally the consolidation looks like a short term squeeze before the expansion. Its trend strength indicators are placed in their respective negative zone but none have any signs of divergence or strength. Breach above 23400 option cluster would trigger a relief rally towards 23680-23800 cluster for the month. As the earnings season unfolds, heightened volatility is expected, warranting a cautious trading approach. Over the coming sessions, the index is likely to witness broad-range action within the 22,800-23,800 band, with 23,500 serving as the midpoint of this range. A long-short strategy remains prudent until the index closes above 23,680, aligning with the 200-day exponential moving average.

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