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Nifty

Nifty yet again faced firm resistance from its 5 DEMA zone around 17280 marks as it breached belowits 20 DEMAlevel aswell before closing below its previous days swing low. Which is a sign of weakness. Its trend strength indicators remaindiverging with its RSI now falling below 50 zone to 41 while ADX is still hovering at 25. The recent rebound fromits200DEMA with occurrence of multiple bullish reversal formations keeps the hope high for the ongoing decline tofindsupportagain near 16900 zone. With derivative data supporting the immediate range of 17000-17500 to be observedduringtheweek, unwinding within 17250-17300 strikes would be critical for the bullish momentum to unlock. While a breachonaclosing basis below 17000 would open a fresh lower range extending towards 16600. As of now since the indexisamblingwithin a defied range of 17300-17000 longs could be added once a close is reestablished above 17140 ( 5 dema) awithastop below 16980 while ongoing momentum could see a swing towards 17580 zone once 17300 is breached with strong volumes which looks unlikely during this week.

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