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Nifty

Nifty saw tepid action on Mondays trading session as it continued to trend above its 5 Days EMA level of 20080. Both its trend strength indicators trending well with the price action as RSI moves into the overbought zone while ADX has swiftly moved from 36 to 46 level. The setup looks confident for an extension of its ongoing strength towards 20200-20280 zone immediately. With no sign of any distortion in momentum strength as the stock rotation is expected to remain healthy. Momentum traders could shift their stops further higher to 19850 while the up move could eventually gain further momentum strength once above 20280 towards 20580 zone. Leverage longs could be added only on declines while momentum longs to be reduced once the index starts trending above the 20280 during this week itself. Major trend stop remains at 19620 & should be reviewed once the index trends within 20200-20580 zone

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