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Nifty 

Sequence of narrow ranged bodies did display lack of confidence in the ongoing upmove as a Nifty forms a widerangedbearish candlestick formation. As expected Nifty drops back towards its short term average as it slides back toits5DEMAsupport at 17708. Trend strength indicators still show no sign of reversal yet nor its trend strength indicators aredisplayingany divergence with price. Breakdown from its ongoing sequence could lead to a pullback move towards 17520(200DEMA)but a major reversal could unfold only on a weekly scale breakdown below 17540-17520 zone. For the week 17630wouldbe a key support to track while upside moves may remain fragile & could succumb to breakout failures. It’s ideal toremaincautious & focus on sector rotational moves for short term trading. Investors on the other hand should continuetofocusonrelatively stronger sectors & stocks which did well during the last 4-6 weeks to retain their relative price outperformance

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