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Nifty 

Yesterdays recovery rally has resulted into a ‘Piercing line’ candlestick formation on its daily scalewithNiftyclosing the day not only above the 17300 hurdle but also above its 5 & 20 DEMA averages .Occurrenceof ‘BullishHarami’ followed by this fresh reversal pattern now elevates the base 17000 to 17200 for this expiry. Derivatives data now indicates 17200 as a firm base hence unwinding above 17300 would unfold a short coveringrallytowards 17580 eventually(61.8% retracement mark of is prior impulse).Technically, the index couldremainoscillating within the range of 17000-17500 & hence retaining existing longs with a stop below16880remainsaprudent strategy. Building additional longs could be considered as the confirmatory close was established yesterday above its immediate hurdle around 17300, keeping a stop below 17188 from here on.

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