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Nifty

Latest reversal formation compliments the ‘Double Bottom’ price pattern characteristics & would gather further confidenceoncetheindex surpasses the 17660 mark in the coming days. Option bounds depicts conviction at 17000 base to remain intact till theendoftheseries while a minor hurdle remains at 17500 for this week, above which 18000 remains a key OI bound for the month. Its directionalstrength indicators are still not in sync & remain diverging which is a sign of indecisiveness when it comes to directional momentumplay.Strategy for investors remains intact to add longs on every decline with a stop below 16600 as larger structure shows signs of abroadconsolidation. While traders are advised to deploy leverage longs as the awaited reversal formation seems to be establishedonitsdailyscale. For the day options data indicates firm ground been placed at 17300 while the expiry resistance is placed at 17540, onlyabreakout above the same would trigger yet another strong unwinding wave. While NiftyBank could see an expiry zone at or above38300with a strong base at 37900.

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