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Nifty

Occurrence of consecutive narrow ranged bodies away from its 5 DEMA support level is an early sign of exhausting momentum. Both its trend strength indicators are trending near their extreme over bought zone complimenting the likely pause in the ongoing upmove. The current momentum could see a temporary pause in case the index slips below 20710 level to decline towards the immediate support area around 20450-20300. The index displaying consecutive a long-legged candlestick formation will need a confirmatory negative close below its previous days low. Since we expect the index to exhaust its ongoing momentum within the current range upto 21040 it is advised to reduce existing leverage longs or trail stop higher below 20710 & await a corrective wave to redeploy longs near supports.

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