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Nifty

Expect heightened volatility in the final leg of the corrective as nifty resumes its downtrend post the minor pullback move which exhausted around its 5DEMA zone. The recent price reversal lacked the necessary reversal pattern characteristics & hence we continue to deploy a sell on rise strategy for both the indicies. ADX now breaking above 33 & RSI slipping below 45 supports further weakness to continue for a few more days. Ideally slippages within 17260 -17040 could be a termination zone for the ongoing corrective move. We continue to remain cautious & await for dependable signs of reversal, until then sell on rise mode continues for the index. Short term traders should adhere to long short opportunities until a clear bullish reversal pattern signs occur. For the day Nifty is likely to slip towards17040 incase slippages below 17300 which could be brutal for the day. Banknifty saw yet another narrow ranged candle within its pullback move with resistance being firm at 37600-37800 while the downside remains open till 36330 incase 37000 is approached in the initial part of the session itself

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