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Nifty

Occurrence of a ‘Doji’ close to the upper bound of the broader range of 17800-17500 is a sign of caution. Theindexsofarhas been holding itself well above its 5DEMA level which is now placed at 17707 & only a close belowthe samecoulddisturb the ongoing bullish sequence. On the other hand last weeks ‘Bearish Engulfing’ formation with the current Doji couldbe treated as a pullback within the pattern. The implications would be negated only once the Nifty sets a closeabovethe17860 mark while a breakdown below 17520 would result into a major corrective move. Outlook for the current weekaswell remains neutral to bearish while sector rotational moves could remain robust. It’s ideal to remain cautious whilechasing any intraday longs during the final leg of the April series. Expect index to display an either side concretesignal forchasing momentum ahead of the expiry day; until then its ideal to remain conservative & avoid leverage positionsoneitherside.

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