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Nifty

Nifty has been trending higher above its 5 DEMA support level & is yet to register any signs of exhaustion on its absolute price action. However, itsrelative strength action has displayed a negative divergence in its RSI which is nothing but a sign of diminishing bullish strength. It is too earlytoassumeany loss of momentum to change in trend hence its ideal to keep trailing stop higher towards 21470 now for also fresh additions in long position. Onitsdaily scale last weeks closing looks like an Inside Bar formation with a consolidation range of 21810-21660. Expect trading momentumonceoutsidethesame. The ongoing buy on dips strategy remains intact until a reversal formation occurs or the index records a consecutive closing belowits swingsupport range of its prior days low. It is best to hold onto longs using the trailing stop method below 21470 for leverage longs while 20980remainsthetrend reversal level.

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