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Nifty

Yet another volatile session within the on-going oscillation band of 16760-16360. With no immediate signs of an either siderangebreakits ideal to await for clarity to emerge in terms of a price confirmation. Both trend strength indicators remain diverging as RSI holdsabove its 50 zone while ADX has been slipping below its 20 mark; not a fair reading for a unidirectional move. Options datafor theweeksuggests 16500 to remain the key pivot as 16700 resistance looks firm while major support remains at 16000 itself. Henceanyslippagesbelow 16300 during the week may prove lethal for the on-going move to sustain. . With no signs of a firm reversal yet onits weeklyordaily scale its ideal to retain a neutral stance & continue with long short opportunities until a clear bullish reversal patternoccursonitsweekly scale exhibiting sustained strength or a clear breakdown.

Nifty Chart

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