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Nifty

Nifty registered a dash closing above the ongoing consolidation range. The index witnessed a smart recovery during its final hour of the day to close above the 19875 level. The string of narrow ranged bodies continues but the index has been holding it self well above its 5 days EMA support of 19810 along with its ADX rising towards 29. Sooner than later the index would register a large breakout follow through bar in the coming sessions. The momentum pivotal support for the week is now at 19760, which can be qualified as a momentum-based stop loss zone while the Nifty is expected to resume its directional momentum towards 20120. The RSI is still trending higher at 64, and the daily ADX is currently trending near its 29 level. Shortterm expectations are for the index to remain stable until 19760 is not broken; with early signs of a breakout move above 19900 on its weekly channel resistance would accelerate the upward trend towards 20120 during the final leg of the current series.

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