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Nifty

Index continues to face pressure near the upper end of its contracting range. The contracting range could see an either sidebreakout soon as the range is expected to contract further to 18180-18020 for the final leg ahead of the big event. Onceoutsidethe expect swings could see further acceleration outside the major bounds of 18240-17860 only. Since the current priceactionisnear the higher side of the range its ideal to refrain from buying the breakouts. A decisive close below the 18020 level wouldpushthe index below the key weekly pivotal support of 17860 as well. Hence its ideal to retain short positions until a weeklycloseabove revised level of 18240 is not established & utilise intra week pullbacks to add shorts until the index slips below17860. Expiry range for the Nifty stands at 18020-18180 itself with probable pain around 18100 while the equation wouldseeadramaticchange incase 18250 or 17950 is breached during the day. While for BankNifty the key strength support rests at 42500while43300 remains an immediate hurdle.

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