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Nifty 

Nifty saw a good rebound from its 200 DEMA (17550) as it managed to maintain its tail above the same. Theconfluencezone of this 200 DEMA & its prior gap support zone of 17360 should provide the necessary base for the ongoingeventvolatility while any slippages below 17310 may unfold further immediate legs of the ongoing bearish trend. Onthehigherside its 20 days EMA is placed at 17980 which remains an immediate major hurdle for the index. Both its trendstrengthindicators are diverging again as its Daily RSI remained flat around 37 while ADX already trending above its 35; warrantscaution on either side. Since event volatility remains the prime focus its ideal to expect oscillation within thebroadrangeof17820-17980 on the higher side while slippages below 17560 could see a push towards 17310 zone. Traders shoulddeploynaked positional options trade only post event IV adjustments & avoid leverage positions during the day.

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