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Nifty

Nifty witnessed a bounce as anticipated towards its 20 days EMA around 18060 but faced resistance during thedayasitended the sessions below the same. The ongoing pullback could extend towards 18130 while the pattern breakdownimplications of a ‘Bearish Flag Formation’ would only be void incase the index registers a close above the 18130level onconsistent basis. The bearish pattern does indicate an approx. price target around 17550 since both trend strengthindicators still remain in favour of the bearish trend. Pullback towards 18130-18160 to remain temporary &fragile. Shortterm traders to remain extra vigilant while deploying shorts with volatility expected to rise; higher pullbacks shouldbeutilised to deploy shorts until a firm reversal formation is evident at least on its daily scale

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