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Nifty continued its upward trending move as it again rebound from its 5 DEMA support level around 17740 .The long shadowcandlestick formation highlights support based buying despite the narrow ranged real bodies displayed on its daily scale. Indexmanagedto close marginally above its recent ‘Doji’ formation which has occurred at the upper bound of the broader range of 17800-17500whichstill indicates caution. On the other hand last weeks ‘Bearish Engulfing’ formation with the current Doji could be treatedas apullbackwithin the pattern. The implications would be negated only once the Nifty sets a close above the 17860 mark while a breakdownbelow17520 would result into a major corrective move. Outlook for the day remains neutral. It’s a result heavy day with almost 13niftycompanies announcing their earnings. Options data indicates bounds at 17900-17750 itself with max pain at 17750 whichmayseeadramatic shift in case the level is breached during the day. Technically expect high momentum play throughout the day as proximitytowards the upper end of the range could trigger further upside swing once above 17860 which could push the index towards 17940while breakdown if any could see a move towards 17640.

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