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Nifty

Latest price pullback lacks the necessary reversal pattern characteristics. With ADX now breaking above 26 & RSI slipping below 45 it’s likely that the ongoing pullback may fizzle out soon & the declining trend may continue for a few days. With the expiry just around the corner breakdown below the key support bound of 17500 would lead to further unwinding pressure during this final leg of the expiry. Ideally slippages within 17260 -17040 could be a termination zone for the ongoing corrective move. We continue to remain cautious & await for dependable signs of reversal, until then sell on rise mode continues for the index. Short term traders should adhere to long short opportunities until a clear bullish reversal pattern signs occur.

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