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Nifty

Nifty saw a smart recovery from the lower end of the 19840-19540 range. Earlier during the week we saw it rebound from the resistance zone around 19840 as it lacked the necessary strength to surpass the hurdle; yesterday we saw it respecting the lower end of the range placed at 19540. But it failed to retraced back above its short-term averages 5- & 20-days EMA crossover level of 19680. Its trend strength indicators too slipped below their respective immediate support levels with RSI trending below 50 while ADX continues to grind lower at 20. The anticipated resistance level for the week stands at 19840 while the support base is expected to remain firm around 19550- 19500 itself. With trading base now been elevated higher towards 19540 from 19440 it should act as an ideal trading stop level for momentum longs. Options data saw a further shift in range towards 19700-19500 post the weekly expiry. Hence leverage longs could be held until 19540 is not breached from hereon while further aggressive additions to be considered once the index trends above 19840.

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