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Nifty

Gradually forming a series of ‘Narrow’ ranged bodies the index continues to trend higher. It continues to trend higher above its 5 DEMA support of 24170. Breakout from the upward channel pattern indicates a price target upto 24560 but a confident closing day is still waited for its confirmation of improved strength as the index gradually moves higher. Both its relative strength indicators are diverging as its RSI trends higher around its overbought zone while ADX has now closed above its 25 zone which is major sign of sustained strength. Weekly option data indicates an immediate band of 24500-24200 itself. Breakdown below 24100 from hereon would be critical & would lead to loss in bullish momentum until then the gradual up move may continue. With strong sector rotation moves already unfolding since last few days it is advised to remain cautious which chasing any breakout trades while buy on declines strategy for intraday moves remain healthy until the index holds its close above its rising 5 DEMA level

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