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Nifty

Nifty registered yet another consecutive close below the channel pattern support as the trend is expected toremainbearishdespite the 5 consecutive days of decline. The pace of the decline remains a concern despite the proximity towards17000 psychological supports. Its trend strength indicator ADX has been trending higher at 32 level which is a strongsignof continuation of directional momentum. RSI on the other hand is yet to slip below its oversold stage; complimentingthebearish trend to extend further. Slippages below 16950 looks likely which could push the index further towards the16860-16700 zone in the coming days. Traders should continue to remain vigilant & retain their short positions until afirmcloseabove 17320 is established or a reversal formation is evident at least on its daily scale from hereon. For the day17050remains a critical resistance while downside will only open once below 16950; primarily looks like a range bounddayfornifty. Banknifty remains the most vulnerable due to ongoing global news flows & could give up its range of 39000-39600incase of further negative news flows which could push the index to 38300 immediately.

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