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Nifty

Consecutive narrow ranged bodies continue near the lower end of the ongoing channel support. Concerns continueasbothits trend strength indicators remain trending within their respective negative zone. With No Clear reversal patternyetonitsdaily scale sustenance above 17260 remains mandatory for the reversal to kick-in. While 17560 its 200 DEMAlevel remainsa strong hurdle for this series. On the flipside a breakdown after some consolidation below 16900 would immediatelydragthe index further towards 16750 & 16600 zone (61.8% retracement support of its prior bullish impulse). As theweeklytrendremains down any consolidation to pullback would provide further opportunity to deploy fresh shorts until aclear reversalcandlestick formation is not established on its daily scale. Due to expected heightened volatility its ideal for amateurtradersto remain on the side-line & wait for clear signals to redeploy positions.

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