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Nifty

Index has been exhibiting narrow ranged bodies indicating lack of confidence & exhaustion of pullback momentum. The resistancezoneof the recent long bearish bar holds valid as index again closed below the 18865 zone. Its daily RSI is at 47 nearing the 50markbutADXis gradually falling flat & at 26 which are diverging signals on the indicators. Hence the recent pullback looks fragile &couldsuccumbtofresh weakness. Weakness is expected to amplify once below 15465 trendline support while head room remains stiff duetomultipleresistance zone at 15865 upto 16130. Decisive break on either side would unlock directional momentumuntil thenexpectmeanreversion play around the bounds. Ideal to redeploy aggressive shorts once near the upper range of the range until 15865resistanceholds on a closing basis & review them once the index slides lower below 15465. Pullbacks within the oscillating range areexpectedtoremain fragile which could culminate into a blow off of the pullback rally as we enter the final legs of the june expiry.

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