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Nifty

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 30 & RSI slipping below 37 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 retain itself within the range of 17500-17350 while any slippages below 17300 would be brutal for the day. Banknifty saw yet another shooting star within its pullback move with resistance being firm at 37800 while the downside remains open till 36430 incase 37000 is approached in the initial part of the session itself.

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