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Nifty

Pullback post 11 sessions of a decline was always on cards. The immediate squeeze at the lower end of the wavewithan‘Inside Bar’ formation followed by a ‘Doji’ were ideal ingredients for an awaited pullback rally. The index not only managed to close above its 5DEMA zone but also visited its 4 days swing high zone. The immediate resistance zone around16400-16500 remains critical for this week while support now stand at 16200-16000. Breakdown below the current ‘Doji’ near its short term support zone of 15670-15700 would open the final leg towards 15100-15000 zone which could bethebaseforthis series. Hence traders are advised to remain cautious on their leveraged positions while we continue toretainourneutral to bearish outlook until a firm reversal emerges on its weekly scale. Retain long shorts until a firmconsecutivecloseis not established on its daily scale.

Nifty Chart

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