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Nifty

Nifty recorded fresh life high close above the 21600 zone which faced resistance last week. The index formed a comparatively small body candle despite of the breakout close above 21600. Breakout above Wednesdays trading high with a rising gap formation clearly states the ongoing mood momentum of the market. Monthly options data suggested that the Nifty 50 may encounter minor resistance first at 21,700–21,800 cluster, followed by the psychological mark at 22,000, with support at 21,500. A new leg of the bullish rally is likely to get off to a significant start if there is a successful consecutive closing above the record high. In terms of indicators, both trend strength indicators are still in sync, and the RSI is showing a bullish crossover, which supports the momentum that is still building and will likely continue. Until a reversal formation exhibit is shown or the index records a consecutive closing below its swing support range from the prior day, it is best to hold onto longs using the trailing stop method below 21230 for leverage longs while 20980 remains the trend reversal level

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