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Nifty

Post a consecutive sequence of ‘Inside Bar’ formations the index saw a consolidation breakout move but it formed a narrow-ranged body despite of the significant gap up move. It has been holding above its 5 days EMA support level of 19700 which can be qualified as a momentum-based stop loss zone but the major pivotal support for the week remains at 19470 (Weekly Gap Support). With its daily ADX now turning upwards while RSI continues to trend higher at 58; a decisive breakout above 25 on its ADX would amplify the up move & help index to extend its up move towards 20122 during the month of November itself. In the short term, expect the index to hold steady until 19550 is not breached, while a breakout from its weekly channel resistance above 19900 would immediately extend the upward trend further towards 20120 during the current series itself.

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