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Nifty

The slew of narrow ranged bodies continued as nifty formed yet another narrow-ranged body which is confined within the ongoing consolidation range of 19875 to 19630. It faced resistance near its upper end & closed negative but continues to hold itself above its 5 days EMA support level. Nifty is expected to resume its directional momentum once above the 19875 level as it continues to hold itself well 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 breaking above its 25 level while RSI continues to trend higher at 62. ADX breakout above 25 is an early sign of pick up in momentum which would amplify the up move & help index to extend its 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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