Nifty- Coil resolved but limited room on upside-10640-10680

The momentum setups are now starting to diverge clearly and this is very much in line of what we have been expected and advocating to our customers. The index is in the penultimate stages of what seems a classical Ending Diagonal under formation and more on this will be covered as and when the pattern completes. For the immediate term the index has got no business to once again revisit 10190 value area and hence that is to be kept as a clear stop on all pending as well as newly created long positions. Keep booking profits in sharp moves in individual sector and stocks as this seems to be quiet an aging corrective rally which is nearing completion with each passing day. The ideal target as mentioned earlier is 10645-10680.