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Nifty

Nifty even breached its 20 DEMA level to register a negative crossover below the key pivotal support. The patternbreakdown candle is not so convincing as its real body is relatively smaller. With a low OIPCR at to begin theweekcouldfetch another opportunity to register the swing breakdown. On its oscillators front; RSI has already moved below50advocating further weakness while ADX has curved up & may register a breakout above 25 (threshold for directional momentum) which may add further pressure. Pullbacks if any within the broadening pattern fromhereon wouldbetemporary & hence any breakout trades on the upside should not be chased. Short term traders should continuetoretaintheir long short strategy with more emphasis to deploy further shorts in case of a pullback until a meaning full reversal isnotevident; current stop to be placed on a weekly closing basis above 18820 while pattern target rests below17980.

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