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Nifty

Yet another ‘Doji’ formation on the daily scale despite the initial strength reaffirms the neutral to negative outlook to persist.‘SpinningTops’ & ‘Dojis’ are signs of indecisiveness & either side range break of these formations usually result into amplified moves. Daily&weekly RSI both are yet to hit their respective oversold zone while daily ADX has registered a fresh break above its 25 zone; signofamplified weakness in the offing. The move so far from 18114 has been in accordance of the expected wave characteristics &hencetheimpending decline within 16000-15860 could be considered as a final leg of the bear grip move. The index breached belowthe78.6%retracement zone of its prior impulse its likely to witness a swing towards the likely monthly support zone of 16000-15860soon. Asbothtrend strength indicators warrant further downside on positional basis with the breakdown in place it’s ideal to retain short positionsuntil an oversold situation is not witnessed or a firm reversal formation occurs on its weekly scale. Immediate resistance for theweeknow stands at 16480 which should be considered as trail stop for fresh shorts

Nifty Chart

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