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Nifty

Occurrence of a Bullish Hammer formation near the exiting multiple support zone is a indication of a likely bounce back reversal. A closing above 17240 remains an immediate requisite for the reversal pattern implications to mature for a recovery move towards 17660. Nifty breached below the crucial mark of 17000 last week while trend strength indicators still remain neutral to bearish. RSI retraced itself from the 50 mark while ADX is still placed in its neutral zone. PCR has again slipped towards 0.71 indicating caution on the selling side due to its oversold reading. The multiple support zone placed around 16890-16780 could act as a cushion again to absorb the on-going selling pressure. Option bounds for the week are placed at 17200-16800 respectively & hence we expect the index to remain oscillating within this said range itself. A breakout above 17240 remains an immediate requisite for bullishness to persist while a firm breakdown confirmation below 16700 would only negate the intermediate bullish trend.

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