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Nifty

Bounce back towards the anticipated 18160 zone unfolded on expected lines as the index closed the day above both its short-termaverages of 5- & 20-days EMA. Despite the up move the index lacks a reversal formation as it approaches the major clusters of resistanceplaced around 18260-18200; which may continue to act as a distribution zone. On the lower side the support base at 17900-17850isexpect to retain its strength for the week. With its daily RSI back towards its 50-zone sustenance above the same would benecessarytoconclude a firm reversal in trend. While ADX has started cooling off from 39 to 33 which also compliments the short coveringmove. Since both indicators still warrant bearishness to persist pullback towards 18130-18160 to remain temporary & fragile. Short termtraders to remain extra vigilant while deploying shorts with volatility expected to rise; higher pullbacks should be utilisedtodeployshorts until a firm reversal formation is evident at least on its daily scale.For the day expect nifty to oscillate within 18030-18160zoneitself while selling pressure will mount only incase 18030 gets breached. For BankNifty 42550-42000 remains the trading zone

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