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Nifty

Doji /Spinning Top formation within a running trend is a sign of consolidation. But a breakout at the earliest above 17240 is mandatory for the ongoing bullish momentum to be retained. Both the oscillators are diverging but supporting the ongoing bullish price sequence. Options data clearly signifies firm support at 17000 for the Nifty while 35000 should hold strong for the upcoming week as well for BankNifty. On the higher side 17500 remains a resistance while 35500-36000 are 2 levels with significant call writing activity even for the upcoming weekly series. The multiple support zone placed around 16890-16780 has acted as a cushion again to absorb the on-going selling pressure. A breakout above 17240 could push the ongoing bullishness to help index surpass the 17500 congestion mark while a firm breakdown from hereon only on a confirmatory close below 16980 would negate the intermediate bullish momentum & hence we continue to adhere a buy on dips strategy despite of the recent corrective action.For the day expect yet another ranged day action for Nifty with expiry zone placed within 17250-17350 while BankNifty could witness some outperformance as it is expected to hold itself above 35000 mark with upper range of expiry zone placed within 35300-35600

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