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Nifty

‘Inside Bar’ followed by a ‘Doji’ after a decline of 11 straight sessions the index may witness an ideal conditionfor areliefrally. Its trend strength indicators are also placed in their respective neutral to negative zone awaiting for a priceconfirmation. Though the ongoing trend remains strong as the price still trends below its 5DEMA zone. The immediateresistance zone around 16000-16200 remains critical for a reversal to take place as supply pressure continues tomounthigher. Breakdown below the current ‘Doji’ near its short term support zone of 15670-15700 could open thefinal legtowards 15100-15000 zone which could be the base for this series. Hence traders are advised to remain cautiousontheirleveraged positions while we continue to retain our neutral to bearish outlook until a firm reversal emerges onitsweeklyscale. Retain long shorts until a firm consecutive close is not established on its daily scale.

Nifty Chart

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