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Nifty

Nifty not only registered a firm close above its 200 DEMA zone of 17520 but also filled the resistance gap around 17570. It momentumindicators are still trending up along with its short term averages; which is a good sign for continuation of the ongoing move. Theupperend of the channel pattern is the immediate resistance zone to negotiate which is placed around 17600-17650 itself. Optiondatatoocompliments the bullish momentum to continue towards 17700 zone which remains the immediate resistance while support hasbeenshifting higher from 17300 to 17450-17500 for today’s session. The index has almost added 600 points to its bullish tally inlast 4sessionsas it approaches the final trading session for the week which also marks the RBI policy announcement day of high volatility. Hence, it’sideal to remain cautious & focus on sector rotational moves for short term trading. For the day Nifty 17550-17650 couldbeaprobableexpiry range. Bank-nifty range stands at 40500-41500 with midpoint at 41000 where a DOJI has occurred. Hence any either sidemoveoutside the Doji range would unlock the move with high probability of support at 40500 to remain firm.

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