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Nifty

Nifty continues to swing within the bounds of the ongoing channel pattern. It managed to regain strengthaboveits20DEMA zone of 15950 & also recovered back to close above its 5 DEMA zone of 16020 zone which is a goodsign. Thoughboth the trend strength indicators stay diverging. A breakdown below 15900 would again mount some sellingpressuretopush the index towards the channel support of 15740 while only a bullish breakout above 16240 wouldreinstatefirmdirectional momentum towards 16550, until then expect oscillation to continue. Derivative data indicates firmOI boundsat16200-15900 for the week with 16000 being its midpoint. Stock specific rotation to remain healthy until theindexrestswithin these bounds. For the week traders should avoid aggressive either side positions in index &focus onstockspecificlong short positions. Aggressive directional bets should be deployed only once index registers an either sideswingcloseoutside the broad trading range

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