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Nifty

Nifty achieved the 20710 level with ease but ahead of anticipated time. The current momentum could see a temporary pause in case the index slips below 20450 level from here on. The index displayed a long-legged candlestick formation away from its 5 DEMA support zone of 20280 which is warranting caution for leverage longs. With its daily RSI at 81 & ADX now around 44 both the trend strength indicators have entered their caution zone. The ongoing rally is expected to extend its gains towards 21040 eventually during the December series but a time & price correction before the same cannot be ruled out. Hence it is advised to reduce existing leverage longs or trail stop higher below 20430.

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