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Nifty

Nifty continued to retain its strength above its 5 DEMA support level of 22488 & registered a firm close above its previous days swinghighof22561. On its daily scale it is trending confidently towards its life time high zone with rising support zone around 22400 level. Thecrossoverofthe 5 & 20 DEMA on its daily scale around 22305 along with its RSI trending higher at 59 level is a good sign of confidence amidst thetraders.Option data indicates elevated base formation around 22500-22400 zone for the week while confident call writing bound has shiftedhighertowards 23000 from 22800, which compliments the conviction amidst bullish traders. Technically from here on 22050 becomes akeypivotalsupport for the fresh unfolding event momentum & hence serves as an ideal stop loss zone for positional longs. While traders maycontinuetoexercise caution & refrain from building leverage positions until the event volatility cools down. Traders are advised to remainselectivewhiledeploying longs & utilize intraday declines to add longs rather than chasing breakout moves.

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