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Nifty

Nifty displayed heightened volatility during its event session but closed the day again above its 200 days EMA of 17550. Tradinglevel remain the same for today’s session as the confluence zone of this 200 DEMA & its prior gap support zone of 17360shouldprovide the necessary base for todays expiry session as well. While slippages only below 17310 may unfold further immediatelegsof the ongoing bearish trend. On the higher side its 20 days EMA is placed at 17980 which remains an immediate major hurdleforthe index. Both its trend strength indicators are diverging again as its Daily RSI remained flat around 37 while ADXtrendingaboveits 30; warrants caution on either side. It’s ideal to expect oscillation within yesterday’s broad range of 17980-17360itself. Fortheday option pain stands at 17600 while upside could be confided below 17750. For banknifty ideal trading zone for theexpirystands at 41100-40400 itself & an either side break would dictate the final move towards expiry.

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