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Nifty 

Nifty is locked within the immediate bounds of its short-term averages 5 & 20 DEMA which are placed at 17330-17215respectively. Its trend strength indicators are diverging with its RSI heading higher above its 50 zone while ADXis still fallingbelow 25. The recent rebound from its 200 DEMA with occurrence of multiple bullish reversal formations keeps thehopehigh for an eventual move towards 17580 (61.8% retracement zone of its previous decline). Its only 4 trading sessionssincethe bullish reversal as compared to 12 consecutive days of fresh lows since the fall began from18096 hencethereisagoodamount of time for the trend to set in motion. With derivative data supporting the immediate range of 17000-17500tobeobserved during the week, most of the technical parameters are supporting towards the ongoing up move toremainstabledespite of global uncertainties. Further longs could be added week with a stop below 16980 while ongoing momentumcould see a swing towards 17580 zone during this week.

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