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Nifty

Trend remains strong as Nifty continues to drift lower despite of bouncing back towards its 5DEMAzone. Thoughboth the daily trend strength indicators are showing signs of exhaustion of the ongoing down moveonitsdailyscale. The immediate resistance zone around 16000-16200 remains critical for a reversal to take placeassupplypressure continues to mount higher. Breakdown below its near term support zone of 15670-15700couldopenthe final leg towards 15100-15000 zone which could be the base for this series. Hence traders areadvisedtoremain cautious on their leveraged positions while we continue to retain our neutral to bearish outlookuntil afirm reversal emerges on its weekly scale. Retain shorts until a firm consecutive close is not establishedonitsdaily scale atleast.

Nifty Chart

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