Expect the index to continue its lower drift towards 17660 with acceleration in momentum below18040 - Tradebulls Securities
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Nifty
Occurrence of ‘Dark Cloud Cover’ reversal pattern reconfirms the resistance zone around its 20DEMAzoneof18250. The pattern effect would be kick in once the index falls below 18040 on immediate basis. Optiondataatthe beginning of the series indicate firm bounds at 18200 & 17500. Strong call writing activity is evidentupto18600 while lower bound remains firm at 17500 itself. Both trend strength indicators are placedforfurtherbearish moves as RSI registered a fresh negative cross over below its 50 marks while ADX remains trendingabove36. Expect the index to continue its lower drift towards 17660 with acceleration in momentumbelow18040.Short term traders to remain extra vigilant while deploying shorts as broader market has been performingwell&hence focus should remain on underperforming stocks only. With volatility expected to rise higherpullbacksshould be utilised to deploy shorts until a firm reversal formation is evident at least on its daily scale
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