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Nifty

Nifty displayed a smart pullback towards the breakdown level of 21530 as it recovered from its oversold conditions. On its daily scale both its trend strength indicators are Insync with the ongoing price action coupled with a negative crossover of its 5-DEMA & 20-DEMA averages around 21510; indicate further extension of bearish momentum to extend further. The recent bearish impulse, which has been considerably faster than its previous moves, is now confirmed by the price comeback from the 21750–21800 zone below the 21530 crucial support level. With the recent occurrence of an ‘Engulfing Bearish’ formation on its weekly scale & OI cluster breakdown below 21500 does support a further leg towards 21000 soon. It’s ideal to remain nimble footed & refrain from building any leverage positions ahead of the upcoming FEB series. For the day expect the index to oscillate lower within the range of 21500-21300 itself with option pain zone for the expiry placed at 21400-21350 itself.

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