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Nifty

Index slipped below its 5 & 20 DEMA support levels as it faced resistance around the crucial psychological resistance zone around 18000. The recent gap down close on Friday with loss in momentum did look like an early confirmatory sign of resistance around the 18200-18000 zone. Both its indicators on its daily scale are yet to sync together as divergingRSI hasnow turned in favour of bearish territory with its decline below 50 with a negative crossover. While ADX is yet to show case any signs of strength despite the ongoing up move. As the index enters the final stage of the February series expiryadecisive break of the range outside 18180-17770 would be mandatory to gauge the next impending move for the upcoming series. Its ideal to remain cautious while building longs while trend stop is to be placed at 17770. Weakness below17770 would be a confirmatory sign to build aggressive shorts which could be rolled over into march series

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