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Nifty

Index remained confined within the immediate range of 17740-17880 but it registered a close outside its previous day range. Thoughthewider range established on Budget trading session remains critical as the index is still locked within it since last 5 sessions. Theboundsare clear visible at 18000 remains a strong hurdle while 17710 a critical mid-range support below which the base is placedaround17350.With no clear reversal pattern formations on its daily nor weekly scale; which indicates that the pullback could remain temporary. Bothits trend strength indicators still remain diverging with RSI rebounding towards its 50 level while ADX declining below25. Henceitsidealto deploy & adhere a mean reversion stance while deploying any fresh long short positions. Aggressive positions could beavoideduntilaconfirm break of the range is evident on either side or on an occurrence of a clear decisive reversal pattern formation withright characteristics is evident on its daily or weekly scale. For the day 17950-18050 remains a strong hurdle while slippages only below17750would lead to strong unwinding pressure. Pain for the day stands at 17850 itself. Similar range for BankNifty with pain at 41500withfirmhurdle zone at 42100-42200. Slippages if any below 41300 could be critical.

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