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Nifty

Nifty staged a healthy recovery from its days low of 16850 to close the session marginally negative. On its dailyscaleithasformed a ‘Spike’ formation nailing the anticipated support level around 16860. The pattern requires a confirmatorycloseabove 17240 to activate its pullback mode. Since its trend strength indicator ADX has been trending higher at 34level whichis a strong sign of continuation of directional bearish momentum & RSI on the other hand is yet to slip belowits oversoldstage its ideal to remain cautious. Slippages below 16860 would negate the likely reversal formation while 17240remainsahurdle for the next few days above which fresh short positions should be avoided as the probability of a short squeezeremain high which could push the index further towards the 17460-17580 zone. Traders should continue toremainvigilant& refrain from short positions once above 17240 while a move below 16860 could push the index towards thecritical support zone around 16700.

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