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Nifty

The much anticipate decline unfolded well as the index is now placed around its crucial pattern support zone around 14400. RSI remains inline with the ongoing momentum but even it is hovering around its 50 mark. PCR OI on the other hand is displaying lack of conviction amongst traders as the ratio has been deteriorating despite the sharp weakness which was witnessed in the past few sessions. Options data indicates bounds at 15000-14500. Hence it looks a ripe situation for a reversal to set place, hence traders should remain vigilant during & deploy shorts only incase the momentum accelerates further towards 1400, else we may witness exhaustion & a reversal quickly .

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