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Nifty

Nifty continues to oscillate within 18160-17860 zone. On the higher side only a sustained move about 18240would negate the ongoing broad bearish trend. While a breakdown below 17860 would re-affirmweaknesstowards its 200 days EMA placed at 17550. Both trend strength indicators still warrant weakness as RSI fallsbackfrom its 50 zone while ADX is still in Neutral to Negative zone. A decisive close below the 18020 level at thebeginning of the week would push the index below the key weekly pivotal support of 17860 as well. Henceitsideal to retain short positions until a weekly close above 18180 is not established & utilise intra weekpullbacksifany to add shorts until the index slips below 17860 which eventually unlocks the move towards 17550

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