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Nifty

As nifty established yet another narrow-ranged body that is contained within the current consolidation range of 19875 to 19630, the string of narrowranged bodies kept coming. It closed negative after facing resistance near its upper end, but it is still above the five-day moving average support level. The major pivotal support for the week is still 19470 (Gap Support), but Nifty is expected to resume its directional momentum once above the 19875 level as it continues to hold itself well above its 5-day EMA support level of 19700, which can be qualified as a momentum-based stop loss zone. The RSI is still trending higher at 62, and the daily ADX is currently trending above its 25 level. An early indication of a pick-up in momentum, an ADX breakout above 25 would amplify the upward trend and enable the index to continue moving towards 20122 in November. Short-term expectations are for the index to remain stable until 19550 is not broken; however, an early breakout above 19900 on its weekly channel resistance would accelerate the upward trend towards 20120 during the current series.

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