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Nifty

Sharp decline after the tepid action pushed the index below its 5 Days EMA level of 20080. The index not only slipped below the same but also registered a close at its key weekly support of 19900. Both its trend strength indicators are following the price action closely & there are no signs of divergence. The hurdle at 20200 has now become a key hurdle while 19850 is the key support below which the index could confirm the loss in ongoing momentum strength. Hence momentum traders could shift their stops further higher to 19850 while the up move will unfold once the index starts trending above 20200. Leverage longs could be added only on declines while momentum longs to be reduced once the index registers a close below 19850 during this week itself. Major trend stop still remains at 19620 & should be reviewed once the index trends within 20200- 20580 zone

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