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Nifty

Nifty sustained the pressure as it moved back within its ongoing oscillating range of 16760-16360. The ADX has fallen toofar "ingbelow 15 which is usually a sign of an upcoming high momentum move while RSI has fallen below its 50 mark with a negativecrossoveron its trigger line. The indicators so far remain diverging but a it could be an early sign of fresh weakness & a breakdownfromhereonbelow 16360 on a closing basis may see a sharp move below the 16000 mark. Options data for the week suggests 16500 toremainthekey pivot & a shifting resistance while 16700 resistance looks firm with major support now at 16000 itself. Hence any slippagesbelow16300 during the week may prove lethal for the on-going move to sustain. . With no signs of a firm reversal yet on its weeklyor dailyscale its ideal to retain a neutral stance & continue with long short opportunities until a clear bullish reversal pattern occurs onitsweekly scale exhibiting sustained strength or a clear breakdown.

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