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Nifty

In line with our expectations selling pressure aggravated as Nifty declined sharply towards its 200 DEMA level of 17590. Thenegativecrossover on its short term averages 5 & 20 near 17880 zone now becomes the major resistance for the upcoming series. While17720isan ideal level to trail stops for any existing or fresh short positions. Both its trend strength indicators on its daily scale are yet tosynctogether as RSI retains its bearish mode as its yet to hit its oversold zone; while the ADX is yet to showcase any signs of strengthdespitethe ongoing move. As the index enters the final stage of the February series expiry a decisive range seems to have establishedwithbounds at 17700-17460. Overall weakness would aggravate further as the bearish momentum could see a move towards thelowerendof the ongoing declining channel pattern formation placed at 17300 & hence pullbacks if any should be utilised to build shorts withamomentum-based stop above 17720. For the day; expect Nifty to find resistance around 17650 while crucial support rests at 17450. Nifty Bank on the other hand could see an expiry range of 40000-40400 itself.

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