Nifty
Occurrence of a ‘Doji’ near the trendline resistance zone is a sign of caution & pause. Slippages below the pattern low of 17597couldlead towards an extended drop towards 17520 (200 DEMA). While upside for the truncated week looks capped around 17700. Bothits trend strength indicators are diverging again as RSI continues to scale higher while ADX is still flat. Options data too indicates17700-17600 to remain a resistance zone while crucial support placed around 17500-17400 zone. Being a truncated week kickstarting the results season it’s ideal to remain cautious & focus on sector rotational moves for short termtrading. Investors on the other hand should continue to focus on relatively stronger sectors & stocks which did well during the last 4-6 weeks toretaintheir relative price outperformance.
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