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Nifty

Nifty saw a perfect swing towards the upper end of the ongoing channel pattern resistance zone which also coincides withits200DEMA level around 16520. Both trend strength indicators remain neutral as RSI is yet to hit its overbought zone whichisplacedat65 while ADX is way below its 25 level of trend strength evaluation. Derivative bounds clearly states 16200 emergingasanelevated support zone ahead of crucial level of 16000 while 16500 to 16600 remains a stiff resistance zone for the week. Itsidealto reduce long positions and avoid leverage until a meaningful pullback move is not witnessed within the ongoing channel pattern. Momentum longs should be booked completely in case 16020 is breached from hereon. For the day option pain for Nifty stands at 16500 while 16650 looks like a key strike to monitor in case previous day’s high is breached. For Banknifty 36000remains a key option strike to monitor as unwinding pressure in the same could open up the trajectory towards 36400andbeyond while support 35700 remains critical for the day.

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