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Nifty

‘Shooting Star’ effect was witnessed last week as Nifty faced stiff resistance near 17800 to eventuallycollapsebelow its 200 DEMA support of 17580. Both trend strength indicators are complimenting further weaknessasADX continues to trend higher & about to breakout above its 25 zone while RSI displayed a negativecrossoverwhich is a sign of further bearish momentum. Since the major trend remains weak as the index continuestooscillate lower within the bearish channel pattern the next immediate support to gauge trend strengthremainsat17140. Pullback within the channel remain healthy as mean reversion band now stands at 17140-17800withmidpoint at 17580 itself.

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