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Nifty

Despite yet another close above the 18000 mark the index lacks the necessary strength to move forward. Multiple narrow ranged formations near the pullback resistance zone is a sign of weakness & may get aggravated once below 17880. For the week 18000 still remains a key make or break zone as per the options data. While major key support for the week stands at 17660 (Broadening Support) which may emerge as an ideal zone for reviewing trend strength for a possible rebound while 18030 may serve as a resistance zone. Short term traders should adhere to long short opportunities until a clear bullish reversal pattern signs occur. A breach below 17880 would result into yet another decline towards 17660-17600 zone & hence it’s ideal to remain cautious throughout the week. For both indices Nifty at 18000 & BankNifty at 39000 remains critical for the day as most indicators point towards an expiry near the same; only a move 18060 would unlock a short covering move which may lead to a pullback towards 18150 zone, on the other side Banknifty remains fairly bearish.

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