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Nifty

Nifty not only failed to retain its gap up gains but also breached to close below the critical support level of 21530. The recent bearish impulse, which has been considerably faster than previous moves, is now confirmed by the price comeback from the 21750–21800 zone below the 21530 crucial support level. 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 unfold rapidly. 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. During the last leg of this series, we anticipate that the index will continue to decline with periods of high volatility.

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