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Nifty

Rebound from lower end of the ongoing declining channel has been strong so far. Its current priceproximitytowards its 200 DEMA zone could result in lack of momentum incase the index trends lower below16500duringthe current week itsef. On the flip side an intra-week breakout above 16720 remains a requisitefor thebullishmomentum to extend towards 17000-17200 zone. With its ADX now retiring from40 while RSI showingstrengthat 46 could be an additional sign of extention towards the upper end of the ongoing broad consolidation. Strategyfor traders to remain cautious with their leverage longs as volatility still remains high until India VIXquotesaboveits 25 mark. Its ideal to remain cautious & continue to retain the mean reversion trading approachthroughouttheweek until breakout above 17200 occurs on weekly scale

Nifty Chart

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