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Nifty

Occurrence of a ‘Spinning Top / Doji’ kind of candlestick formation on its daily scale near the retracement resistanceisnotahealthy sign. Incase of a gap down opening trade breaking its low could keep the index under pressure throughout theday.Formation on its weekly scale needs a confirmatory close below the 18360 level below which there could beanuptickinbearish momentum as index is expected to remain confined within the ‘Broadening Pattern’ range of 19020-17980. Onitsdaily scale both indicators display lack of strength as RSI continues to drift lower while ADX is already placedinitsnegativezone. Options data indicates key bounds at 18500-18700 for the day. With OI PCR above 1 & option pain at 18600itsidealto remain cautious as a swing below the same could unlock a move towards the lower end of the range placedaround18500. While on the upside resistance stands firm at 18720. For banknifty, option pain stands at 44000 withOI PCRat1.2.OI bounds firm at 44200-43700.

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