Nifty: “The 18210-330 region that we had kept In our cross hairs for the last few days, with the expectation of offering stiff challenges to upsides, stood firm despite persistent attempts to push higher.
But Nifty as expected, when Nifty finally capitulated yesterday, a collapse did not follow, and it would require more distribution before 17600 can be fancied. For now, 17950 looks to be a base case scenario. Alternatively, pull back above 18250 could render the trend neutral, but it would be prudent to look for a close above 18330 or dips to 17950 before reconsidering longs,” said Anand James – Chief Market Strategist at Geojit Financial Services.