Nifty continued to form narrow-ranged body as it still remains confined within the 15th Mar trading range of 17210-16938 - Tradebulls Securities
Nifty
Nifty continued to form narrow-ranged body as it still remains confined within the 15th Mar trading range of 17210-16938.This is the fifth consecutive session when the index registered a close within the said range itself. Concerns continueasbothits trend strength indicators remain trending within their respective negative zone. With No Clear reversal patternyetonitsdaily scale; 17240 remains a stiff resistance for unlocking any further up move. While a breakdown after someconsolidationbelow 16900 would immediately drag the index further lower towards 16750 & 16600 zone (61.8%retracement supportofits prior bullish impulse). As the weekly trend remains down with its weekly ADX breaking above its 25 level anyconsolidation to pullback would provide further opportunity to deploy fresh shorts until a clear reversal candlestickformation is not established on its daily scale. With FOMC meet outcome just around the corner expect volatilitytohaveanupper hand. Hence its ideal for amateur traders to remain on the side-line & wait for clear signals to redeploy positions.
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