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Nifty

Nifty rebounds from the resistance zone around 18400 as it swings back to its immediate support zone around 18000. On its daily scale the bearish bar has engulfed 3 sessions in a single trading day as it closed below its 5DEMA zone after a strong rally of 16 sessions above the same. Option bounds still remain intact for the week as 18400-18000 remains intact with 18200 being the mid point of the range. With RSI near 70 & ADX trending higher its ideal to remain cautious until the divergence exits. Expect the weakness to persist incase the index closes below 18080 from hereon as the pullback may extend towards its 20DEMA support zone which is placed around 17800 while 18400 now becomes the breakout zone for commencement of directional bullish momentum.

Nifty chart

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