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Nifty

Nifty remained confined within its previous day’s trading range but maintained its closing above its 5 DEMA support. On Tuesday it did register a fresh life high at 22783 but gave up its entire gains to slip back below its Mondays closing level. It continued to face profit booking pressure but maintained its oscillation mode around 22600-22700 range. The index continues to oscillate within the ongoing channel pattern formation with its upper end placed around 22990-23040 zone. Sustenance above the 22600 level displays hope for the up move to continue towards 22990-23040 zone during the early part of this series; which may be a key supply zone for the ongoing rally. The immediate base is also elevated towards 22400 hence trailing stop should be now placed around 22380 while holding trading longs. Traders are advised to remain selective while deploying any either side trades until the index continues its movement within the 23000-22000 zone with 22500 being the midpoint of this range. Leverage positions could be avoided for time being until clarity emerges even on its daily scale.

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