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Nifty

Yesterday’s rally faced resistance around the anticipated mark around 17580 (61.8% retracement zoneof itspriorImpulse wave) where the option writers have been holding their positions. As a result, the index witnessedprofitbooking throughout the day. Occurrence of multiple reversal formations have been gradually evaluatingthebasehigher. The latest ‘Piercing Line’ formation confirms the fresh base at 17300 gap support for this expiry.Positivecrossover of its 5 & 20 dema around the 17288 compliments this base development & hence declines still providea good opportunity for adding trading longs upto 17360 . Derivatives data now indicates 17300-17350asafirmbase for today’s expiry. Unwinding above 17550 would unfold a short covering rally towards 17630; elseexpectthe index to hover lower below 17500.For banknifty as per its options data; 41000 remains a stronghurdlewhile40000 may not be violated in today’s session. 40700 may act as a key strike to track throughout the day

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