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Nifty

Nifty respected the 19840-cluster resistance well as it consolidated within its previous days trading range. The recent GAP Support around 19680 is expected to remain firm & any pullback towards the same would help to add further long positions. Recent crossover of its 5 & 20 days EMA is also around the 19700 cluster support. With its RSI trending well at 55 & ADX now positioned for unlocking directional momentum its advised to elevate trading stops further higher towards 19540 below the ‘Bullish Marubozu’ candlestick level. Options data too concludes that the 19700 remains confidently held while upside range has shifted towards 20000-20100 for the upcoming week. Leverage longs could be held until 19540 is not breached from hereon while further aggressive additions to be considered even on declines which could be reviewed once the index trends around 20100 zone.

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