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Nifty

Nifty witnessed a pullback but maintained its price movement above its short-term averages support. The latest positive crossover of its 5- & 20-days EMA is a good sign for amplification in bullish momentum. Both its trend strength indicators are yet to sync as its daily RSI is sustaining above its 50 level while ADX is yet to register a close above its 25 level. Unwinding pressure is expected to trigger further up move during the truncated week once above 19500-19550 cluster. From here on anticipated momentum could push the up move towards 19800 in the coming week itself. Technically, the index is holding well above the anticipated weekly cluster resistance zone around 19350-19450; further unwinding above 19500 could lead to short squeeze during the week. In the short term, expect the index to hold steady until 19300 is not breached, while an extended advance above the 19540– 19600 range would bolster the upward trend further towards 19850.

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