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Nifty

Effect of ‘Inverse Hammer’ on its weekly scale is evident as Nifty succumbs to profit booking led short selling. Onitsdailyscale the index almost engulfed its prior 6 days action with in a span of two trading session. With both its trendstrengthindicators rebounding from their respective overbought zones could attract further distribution pressure whichcouldpushthe index back to its 20 DEMA zone near 17340. The immediate texture for the day remains negative as sellingpressureisevident across the globe & bounce back if any could remain temporary. It’s ideal to remain cautious, reducetradingpositions & deploy a hedge-based approach until a meaningful price & time correction is witnessed. While traderscouldcontinue to retain their stock specific shorts until a reversal pattern re-emerges on its daily scale. With the crucial monthlyexpiry just around the corner the index may try to find support zone near the immediate multiple support zoneareawithin17340-17000. Upside looks capped around 17780 which should serve as a stop loss level for existing shorts

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