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Nifty 

Nifty continued to drift lower as it closed yet another session below its 5DEMA zone of 17670. Its trend strength indicators have started to decline as RSI falls below its trigger line to slide further towards 55. While ADX declined further to 30 from 33. Options bound remain intact at 17700 to 17600 with 17500 remaining the major supportfor the week. Pullbacks within the range could be utilised to create temporary shorts with a stopabove17822.It’sideal to remain cautious while chasing any intraday longs as sector rotational moves could be robust withmidcapstocks likely to display outperformance during the second half of April series. For the day expect rangedboundaction within 17550-17700 itself while for Banknifty 42200 remains a key pivotal to track within the42000-42500range which could witness mean reversion moves within the same.

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