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Nifty

Nifty formed yet another narrow-ranged body as it still remains confined within the 15th Mar trading range of 17210-16938. Thisisthefourth consecutive session when the index registered a close within the said range itself. Concerns continue as both its trendstrengthindicators remain trending within their respective negative zone. With No Clear reversal pattern yet on its daily scale sustenanceabove17240 remains mandatory for the reversal to kick-in. While a breakdown after some consolidation below 16900 would immediatelydragthe index further lower towards 16750 & 16600 zone (61.8% retracement support of its prior bullish impulse). As the weeklytrendremains down with its weekly ADX breaking above its 25 level any consolidation to pullback would provide further opportunitytodeployfresh shorts until a clear reversal candlestick formation is not established on its daily scale. With FOMC meet outcome just aroundthecorner expect volatility to have an upper hand. Hence its ideal for amateur traders to remain on the side-line & wait for clear signalstoredeploy positions

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