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Nifty

Selling pressure intensified once Nifty slipped below its prior swing support near 17600. The current breakdown move could extend further as both the trend strength indicators are placed near their momentum zone. Though its OI-PCR is near its extreme but the breakdown below the key support bound of 17500 would lead to further unwinding pressure during this final leg of the expiry. Ideally slippages within 17260 -17040 could be a termination zone for the ongoing corrective move. We continue to remain cautious & await for dependable signs of reversal, until then sell on rise mode continues for the index. Short term traders should adhere to long short opportunities until a clear bullish reversal pattern signs occur.

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