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Below is quote on Weekly expiry ends tad below 17900 by Mr. Sameet Chavan, Chief Analyst-Technical and Derivatives, Angel Broking Ltd 

We had a soft opening today on the back of some nervousness seen in major global peers. In fact in the initial hour itself, the weakness extended in some of the heavyweight pockets. This led to breach of 17900 first and then after a decent consolidation, Nifty went on to even test the 17800 mark. At the stroke of the penultimate hour, the expiry factor started playing out and this time it fortunately favoured the bulls as we witnessed a smart recovery towards the end to trim some portion of losses.

Market was quiet in last couple of sessions as it was trapped in a slender range. Today it finally had some action but unfortunately it was dominated by the bears for the most part of the day. Percentage wise, it was not even a percent cut today on a closing basis; but the more it fails to surpass 18100 – 18200, the harder it becomes for the bulls to maintain their grip on the market. In fact, it would be too early to comment on it; but we can clearly see a bearish formation of ‘Head and Shoulder’ being in process on the daily chart of Nifty. The neckline support is around 17700 – 17600, which if gets broken, we could see difficult days for market in the short run. With reference to our recent cautious stance on the market, we will not be surprised to see it breaking in the forthcoming week itself.

For the coming session, the immediate resistance is placed in the zone of 17950 – 18000. Traders are repeatedly advised not to create aggressive longs and even if one wants to follow stock specific moves, needs to be very selective.

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