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Nifty

Nifty has defended its 20 DEMA support cluster well to register a decent bounce. Though the price action onthepatternfront still remains insignificant as the price action since last week has been concealed within the long bullishbar candlestickformation dated 30th August. The range still stands firm at 17780 to 17400 with multiple ‘Inside Bar’ formations warrantingtowards an either side high impact move to be witnessed soon. It has managed to regain above its 5 DEMAzonearound17615 which still keeps the hope alive for a breakout above 17780; while a breakdown below 17340 could belethal fortheremaining part of the September series. Derivative data indicates a much wider range with Highest CE OI concentrationshifting back to 18000 while Highest PE OI concentration stands firm at 17000 itself. Significant reduction in17700putsahead of the expiry day indicates 17700-17780 to remain a hurdle. Further positional longs could be addedonabreakoutofthe ongoing trading range with a stop loss below 17520 once the index starts trending well above 17780 until thenexpectconsolidation to continue.

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