NIFTY - WAR DRUMS OR DRAMA

Nifty bulls once again loose the plot and closed in red. The cues are negative but volatile on the back drop of war drums some times creating dramas on the market price action. The Index 200 DMA is no longer 16800 and it is moved upto 16850. A break of 17180 opens up case towards that price. Bears hold the edge below 17350 while bulls loose their hope on hourly close below 17180. The uneasiness is clear and absence of buying becomes cause for selling. Larger range 16930-17430 dictates and the slow grinding suggests that direction is down. Question is if it is direct down or in waves of moves towards closing below 200 DMA. For the day hourly close below 17180 signals sell with 17300 stop for 16950.