NIFTY - JONE OF ARC-PARABOLIC HURDLE

Nifty bulls continue to make roads and hit close to the vital 17500 before getting a near two percent intra-day decline yesterday. That's the best bears could squeeze in recent times. The quick recovery unfolded across all financial markets on reported or telegraphed expectation RBI wont rise after today's meeting and would keep local consideration more than international events. Rupee appreciated from the days low, bonds yields soften, one year OIS softens gets filtered to the equity bounce. The up move has been parabolic to say the least and bears dont have a chance unless they break 16800 on close basis which is far away. Till then it is only expectation of corrective moves. For the bears best range is 17080-17480. For the bulls 17150-17550. Not much to lean either way till the consolidation or resolution is over.