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Nifty

Nifty continues to oscillate within the ongoing broad established trading range of 15840-1525 with 15550 being its midpoint. Though the overall trendremains weak only a breakout outside the said range would provide a clear trade-able directional momentum based move; until then expect frequentskewed moves within the range. Trend strength indicators RSI & ADX are both placed near their 35 level respectively with ADX still continuingitsupswing while RSI is neutral-negative. Hence its ideal to redeploy aggressive shorts once near the upper range of the range until 15840 resistanceholdson a closing basis & review them once the index scales lower below 15250. Pullbacks within the oscillating range are expected to remainfragileasoccurrence of a reversal formation on its intraday scale would culminate into a blow off of the pullback rally. For today option pain stands as of yesterday’s data at 15450 while the midpoint of the on-going range stands at 15550 which could act as a stiff resistance for the day &only amoveunfolding above the same may be a surprise on the upside. Else expect oscillation to continue within 15550-15350 for the day while only amajorbreakbelow 15250 could be lethal for option writers which as of today looks unlikely.

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