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Nifty

Decent rollover action with firm upward price sequence warrants towards a likely breakout from the ongoing pitchfork trading range. The index has so far respected the immediate bounds of the pitchfork tool which are placed around 16680-16380. Despite narrow ranged bars in the last 2 sessions the index has been holding well above its 5 DEMA zone with its oscillators still not showing any signs of weakness despite hitting their respective overbought zones. An immediate breakout above 16680 on a closing basis is the immediate requisite for unlocking the directional momentum towards 17000 mark. We expect the index to retain its oscillation mode for some time but trend higher within the bounds of the pitchfork tool. Directional momentum play may resume post a brief break from its pattern resistance for a target which remains intact around 17000-17200 for the September series. Strong sectoral rotation would keep providing good long short opportunities throughout the series ; for the week ahead expect the index to oscillate within the range of 16860-16560.

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