NIFTY - AFTER THE SLIDE COMES THE BAR

Nifty slide continued albeit intra-day towards a shade below 17100. 17120 or 17100 is very vital in terms of closing. The ability to hold that and move in higher in the last one hour of trading suggests, buying power there. In the process of this slide we have printed two bar pattern. This pattern suggest as longs as we hold (that would be the stop) 17120-100 one move towards 17330 (that would be breaking the trend line of the recent fall from 17780. Above this area one more attempt towards 17450 is in order. A direct break however 17100 (daily close negates the view). Ahead of MPC today inflation data in US market might chose to remain little edgy either ways.