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Nifty

Nifty displayed an ‘Inside Bar’ formation near its life high zone. It has been showing a strong uptrend & holding itself above its 5 DEMA support level since last 31 trading session. The current price action has been away from its 5 DEMA support which is now placed at 21240 which remains an ideal support for the day. Another pivotal support is the latest rising gap formation, which could now be regarded as a crucial stop loss level while chasing continuous bullish momentum, coincided with the most recent consolidation breakout. Options data indicates consolidation within 21500 to 21000 range with 21200 being the midpoint of the range. Since there isn't much evidence of a new price pattern target, it's best to pursue momentum cautiously and raise your stop loss level closer to price action as the price moves higher. If the recent gap support (21210) is broken, bullish momentum may be distorted and a correction wave towards the 21000 zone may be triggered within the same week.

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