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Nifty

The anticipated supply zone around 17700 has worked well as Nifty gave up its pullback gains inthefinal houroftrade. On its daily a bullish reversal pattern seems missing. Its RSI is now falling back below60 whileitsADXcontinues to decline lower at 39, which is a sign of cool off in momentum. Yesterdays close has almost engulfedits previous trading day & hence we advice to adhere caution. We expect the nifty to recoup bullishmomentumonly once a breakout above 17780 is established while support at 17340 now becomes critical. Oscillationwithinthis range of 17700-17340 for a while should be considered as a healthy sign as an elevated base buildingexercisewhich is the need of the hour. Going forward it’s ideal to remain cautious & focus on stock specific trends, untilafresh range breakout is witnessed on its daily scale

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