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Nifty

Nifty demonstrated a clever pullback towards the breakdown level of 21530, but failed to rebuild a closing above it. On a daily basis, the candlestickformation has the characteristics of a 'Piercing Line' bullish formation, reconfirming the latest trend base around the 21000 zone. Its trendstrengthindicators continue to point to a bearish attitude in the first half; its RSI is below 50, while the ADX remains over 27. The option clusters implyanimmediate range of 21000-21600, followed by its large wings at 20500-21900 itself which would play a key role for the entire February series. Weexpect the index to remain oscillating within its immediate range of 21000-21600 before the key event triggers take effect. It’s best to stay nimbleandavoid developing any leverage positions ahead of the forthcoming Budget session, which also includes the first weekly expiry session.

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