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Nifty

Yet another spinning top formation within the on-going sequence of narrow ranged bodies; signal towards further consolidationwithinthe ongoing range of 17540-17000. The recent pattern could be used as a yardstick to trade with a mean reversaion strategywithintheongoing range. With major pattern bounds at 16900-17500 its ideal to deploy strategies near the same with the patternmidpointaround 17200-17250 as an exit zone. On the broader scale the recent double bottom formation pattern still awaits for a confirmatoryclose above 17660 on WCLBs. On the flip side the support zone at 16820 is expected to retain its strength during this ongoingconsolidation while a breakout above 17660 would unlock the awaited directional momentum. Strategy for investors remains intacttoadd longs on every decline with a stop below 16600 as larger structure shows signs of a broad consolidation. While traders couldadoptto mean reversion strategy until a ranged breakout outside the current consolidation zone of 17540-17000 is not established.

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