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Nifty

Nifty formed an Inside Bar formation on its daily scale but it still remains below its 5DEMA level of 18625. The patterns bullishimplication would set in once the index registers a close above 18680 to unlock the pullback move towards 18800.But its trendstrengthindicators are displaying lack of strength signals as RSI declined from its overbought reading above75 towards 60 while ADXhasfinallymoved below its 25 level. Further slippages below the same could be a confirmatory sign of possible reversal in trend. Hencepullbackmoves may not be sustainable.Immediate weekly support at 18460 (5 WEMA) level could be considered to yardstick to gaugeanyreversal in strength from hereon. Slippages if any in today’s session below 18530 (yesterday’s low) should be arrested near this5WeeksEMA support. The crucial trend defining support level of 18360 below which momentum longs as well as positional longs shouldbeexited. Short term traders should remain cautious as a strong evidence of a bearish reversal formation is mandatory to confirmthetermination. While 18780 now stands as expected hurdle for the coming week.

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