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Nifty

Decline post the narrow ranged formation with its close below its short term average is yet another confirmation that the index is lacking the necessary directional strength to move upward. With its momentum strength indicators flattening its ideal to resume aggressive positions once outside the expected range. Expect the nifty to remain oscillating within the Broadening structure while 18300-17800 may hold the index within it for the week. Both trend strength indicators are diverging while there is no sign of any firm reversal formation to conclude termination of the existing move. The oncoming truncated week may witness momentum only once outside the immediate range of 17800-18300 & hence directional leverage positions should only be considered post the price closing outside the range on either side. Until then short term traders should adhere to long short opportunities until a clear bullish reversal pattern signs occur. While investors could initiate staggered longs in selective pockets of strength where trending bullish sequence remains intact on their broader structure.

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