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Nifty

Nifty again faced resistance near its 20 days EMA around 18060 as the index slipped back below its 5 days EMAof 17920.The ongoing pattern breakdown implications of a ‘Bearish Flag Formation’ indicates an approx. price target around17550but would be void in case the index scales higher towards 18130. On the flipside the move below 17860 onconsistentbasiswould unlock fresh momentum on the lower side. Both trend strength indicators still remain in favour of thebearishtrend;pullbacks towards 18130 to remain temporary & fragile. Short term traders to remain extra vigilant while deployingshortswith volatility expected to rise; higher pullbacks should be utilised to deploy shorts until a firmreversal formationisevidentat least on its daily scale.

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