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Nifty

Nifty displayed a solid breakout move well supported with fresh buying volumes which helped it scaled higher to register fresh life high at 25433 . continued to oscillate within its 5 DEMA & 20 DEMA range throughout the session. The nifty has engulfed its 6 days corrective move within 3 days of positive action as it reconfirmed the base at 24800 which seems elevated at 25000 for the rest of the series. Options data too indicates firm base shift at 25000 followed by 25200 while upside remains open towards 25800 followed by 26000. On the daily scale the positioning of both its trend strength indicators indicate further directional momentum as its ADX is about to breach its 25 level while RSI keeps trending higher. Since the index has managed to maintain its price action above its 5 WEMA support, a change in trend if any will only be warranted incase the index registers a weekly close below 24860. Momentum longs to be retained until 24840 holds while positions need to be reviewed once the index trends above 25810 in the coming weeks.

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