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Nifty

Nifty is locked within the immediate bounds of its short-term averages 5 & 20 DEMA which are placedat17330-17215 respectively on closing basis. Its trend strength indicators remain diverging with its RSI hoveringaroundits50 zone while ADX is still falling below 25. The recent rebound from its 200 DEMA with occurrenceof multiplebullish reversal formations keeps the hope high for an eventual move towards 17580 (61.8%retracementzoneofits previous decline) during the month.Its only 4 trading sessions since the bullish reversal as comparedto12consecutive days of fresh lows since the fall began from 18096 hence there is a good amount of timeforthetrendto set in motion. With derivative data supporting the immediate range of 17000-17500 to be observedduringtheweek, unwinding within 17250-17300 strikes would be critical for the bullish momentumto unlock duringtheday.Further longs could be added week with a stop below 16980 while ongoing momentumcould seeaswingtowards17580 zone.

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