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Overall, we expect Nifty to trade in a broad range of 10,000-10,400 levels where any pullback towards 10,350-10,400 can be used to exit from trading longs and initiating fresh shorts
The Nifty has formed a downward sloping channel formation on a daily chart and recently it saw sharp reversal from the upper band of the channel formation. Looking at the daily chart, we are seeing lower highs & lower lows on Nifty as well as on the daily RSI (14) momentum indicator.
At this juncture, the index is finding support near the 61.8 percent retracement of its entire move from the bottom of 10,033 to the top of 10,329 which is likely to be taken out in a coming trading session as we are expecting a range shift on a daily chart.
Going forward, we maintained our sideways to bearish view on the index and expect Nifty to correct towards 10,050-10,000 level; hence, positional traders are advised to use any meaningful bounce if any, to build a short position.
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