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Nifty

Nifty not only closed below its 5 & 20 DEMA support levels but also registered a negative crossover of the short termaverages. The consecutive close below the averages reconfirm the ongoing weakness to persist while resistancearoundthecrucial psychological resistance zone around 18000 is expected to continue in the upcoming march series as well. Both its indicators on its daily scale are yet to sync together as diverging RSI has now turned in favour of bearish territorywithitsdecline below 50 with a negative crossover. While ADX is yet to showcase any signs of strength despite the ongoingupmove. As the index enters the final stage of the February series expiry a decisive break of the range outside 18180-17770would be mandatory to gauge the next impending move for the upcoming series. Its ideal to remain cautious whilebuildinglongs while trend stop is to be placed at 17770. Weakness below 17770 would aggravate the bearish momentum & hence any intraday pullback should be utilised to build shorts with an overall trend stop above 18040.

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