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Nifty

Nifty continues to slide lower as the probability of the breakdown below the channel support remainshigh.The pace of the decline remains a concern despite the support base around 17140-17000. Trendstrengthindicator ADX has been trending higher at 28 level which is a strong sign of continuation of directional momentum. RSI on the other hand is yet to slip below its oversold stage; complimenting thebearishtrendtoextend further. Slippages below 17140 looks likely which could push the index further towards the16770-16600 zone which could act as a key support zone for the ongoing series. Traders should continuetoremainvigilant & retain their short positions until a firm close above 17320 is established fromhereon.

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