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Nifty

Nifty’s close near its critical support mark of 16360 post the big event & ahead of the weekly expiry is a caution sign of weakness. Its 200DEMA hurdle at 16760 remains strong & looks unlikely to be breached in the June series while a dip below 16360 wouldleadintoasustained weakness. Trend strength indicators are now in sync as RSI registered a negative crossover below its 50 mark whileADXisrebounding & gearing for momentum. All these factors are leading signs of persistent weakness to be witnessed in the upcomingweeksahead. Only a breakout above 16760 would negate this bearish trend & hence serves as a stop on closing basis with an expectedgrindingmove below 15800. For the day options data clearly states 16500 as a firm resistance while firm support is placed around16200; expectexpiry within the 16200-16350 zone itself with 16430 being the immediate resistance for the day.

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