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Nifty

Nifty is expected to remain oscillating within the ongoing Broadening formation. Yesterday’s move saw the index filling the window /Gap area around 17600 within its ongoing bullish uomove & closed the day again above its 5 DEMA. We are witnessing a ‘Broadening formation’ with a base close to 17400 which also coincides with its 20 DEMA support level been placed around 17380. A pullback within the pattern would sweeten the opportunity to add aggressive longs with a stop below 17260. With its F&O monthly expiry just around the corner we may witness expiry led volatility to remain high throughout the week due to sector rotation moves & hence its ideal to remain cautious & await for better risk opportunities going forward as the sector rotation still remains healthy. The gap area around 17600 has been filled & stands as an ideal zone to realign for the next leg of momentum while leverage longs can be redeployed once the expiry led volatility subsides.

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