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Nifty

Recent rebound was capped well below its 20 Days EMA at 18142 which acted as a resistance for twoconsecutivesessions. The reaction post resistance helped the index to close back below its previous days swinglowof 17936.Nifty formed a ‘Bearish Engulfing’ formation with a strong close not only below the psychological supportof18000 but also below its previous days swing low. Ongoing breakdown from a ‘Bearish Flag Formation’ wouldbenegated once the index registers a close above 18180 level. Until then remain cautious on pullbacks. Bothtrendstrength indicators remain weak as RSI is still trending lower towards its 30 level while ADX moves highertowards39; complimenting the bearish trend to continue. Short term traders to remain extra vigilant whiledeployingshorts with volatility expected to rise; pullbacks should be utilised to deploy shorts until a firmreversal formationis evident at least on its daily scale before hitting the expected target zone near 17550

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