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Yet another Doji is been displayed on its daily scale as Nifty struggled to surpass the 21500-option cluster hurdle. An ‘Inside Bar’ formation followed by ‘Doji’ candlestick pattern near its life high zone is a sign of caution for the ongoing bullish momentum. Despite this the index has been showing a strong uptrend & holding itself above its 5 DEMA support level since last 32 trading session now. Another pivotal support is the rising gap formation at 21070, which could now be regarded as a crucial stop loss level while chasing continuous bullish momentum which coincided with the most recent consolidation breakout. Options data indicates consolidation within 21500 to 21000 range with 21200 being the midpoint of the range. Since there isn't much evidence of a new price pattern target, it's best to pursue momentum cautiously and raise your stop loss level closer to price action as the price moves higher. If the recent gap support (21210) is broken, bullish momentum may be distorted and a correction wave towards the 21000 zone may be triggered. On the flip side sustenance above 21540 would lead to further unwinding which would push the index higher towards 21660-21700 zone.

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