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Nifty

The current ‘Inside Bar’ formation provides an immediate range to monitor for an impending either side move. Thepatternprovides clear bounds at 18110-18280 to monitor ahead of the monthly expiry but momentumcould be mute.Itstrendstrength indicators have started cooling off as well with RSI falling back towards its 60 zone while ADX has slippedbelowits30 level; this development in indicators is a sign of cool off in momentum. The ongoing price action could remainoscillatingwithin the ongoing ‘Broadening Pattern’ formation with its lower bound placed around the 17900 zone; whichcouldactasan ideal support during this week.While the supply zone remains constant around the 18400-18460 zone whichwill continue to remain a headwind for this month.Since we are yet to witness any major distortion or diverging signalswithinthe ongoing trend its ideal to remain cautious while the index is expected to continue its oscillation within theboundsoftheongoing ‘Broadening pattern’. Where booking profits could be healthy around its upper bound around 18400-18460.While17880 could be considered as a yardstick level to gauge any sudden breakdowns or reversal trends if they unfoldduringthismonth.For the day expect a rebound led by global cues with the floor placed around 18130-18200 while major resistancefortoday remains at 18360-18400.

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