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Nifty

As anticipated the Nifty surpassed its consolidation hurdle at 21840 with healthy stock rotation & volume participation. At the close, Nifty maintaineditstrajectory towards its anticipated psychological resistance level of 22,000. Going forward, a move above the same could trigger fresh unwinding pressurewhichcould help the index scale towards 22300 zone immediately without much hassle. Breakout on its daily scale exhibits a ‘Bullish Flag’ pattern formationcomplimenting the ongoing bullish secular move to continue towards its pattern targets around 22280 which coincides with the immediate significant optionsopen interest cluster. A healthy time & price correction seems over as the index redefined the higher cluster support base at 21500-21340 zone whichnowserves as a good trailing stop zone for ongoing long positions. The trend failure would only be confirmed in case the index registers a consecutive weeklyclosingbelow the same. Until then expect the ongoing bullish trend to continue upwards with regular bouts of volatility bouts.

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