We feel the overall tone would remain bearish until the Nifty reclaims 17,200. On the downside, a decisive break of 16,800 could further fuel the decline. Participants should align their positions accordingly and maintain positions on both sides.
Dalal Street Week Ahead: Time to get cautious & defensive after Nifty’s swift runup
From a technical standpoint, the previous week has created a gap. In the process, the index has shifted its support zones higher in the range