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Nifty

Nifty inched up higher towards the pattern resistance zone around 18260 but faced resistance around its 20DEMAlevel at18249. ‘Dark Cloud Cover’ pattern effect would kick in once the index falls below 18040 on immediate basis whileitgetnegated in case a close is established above 18285. Option data at the beginning of the series indicate firmboundsat18200& 17500. Both trend strength indicators are placed for further bearish moves as RSI registered a fresh negativecrossoverbelow its 50 marks while ADX remains trending above 34. Expect the index to continue its lower drift towards 17660withacceleration in momentum once below 18040. Short term traders to remain extra vigilant while deploying shortsasbroadermarket has been performing well & hence focus while deploying aggressive shorts should remain on underperformingstocks. With volatility expected to rise higher pullbacks should be utilised to deploy shorts until a firmreversal formationisevident at least on its daily scale.

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