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Nifty

Index remained confined within the immediate range of 17880 but it registered a close marginally aboveitbutformed a classic ‘Long Legged Doji’ formation; warranting caution. Though the wider range establishedonBudgettrading with clear bounds visible at 18000 remains a strong hurdle while 17710 a critical mid-rangesupportbelowwhich the base is placed around 17350. With no clear reversal pattern formations on its daily nor weeklyscale;which indicates that the pullback could remain temporary. Both its trend strength indicators still remaindivergingwith RSI rebounding towards its 50 level while ADX declining below 25. Hence its ideal to deploy &adhereameanreversion stance while deploying any fresh long short positions. Aggressive positions could be avoideduntil aconfirm break of the range is evident on either side or on an occurrence of a clear decisive reversal patternformation with right characteristics is evident on its daily or weekly scale

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