Decline is crude could assist the index to keep it afloat above the 15660 support zone - Tradebull Securities
Nifty
Decline is crude could assist the index to keep it afloat above the 15660 support zone. As there are no signs of any reversal formationthe on-going oscillation within the upward rising range of 16135-15660 should continue with its mid-point been placed at 15865.Niftyisyet to register a firm close above its 20 DEMA zone; which will be awaited to gauge the on-going trend strength sustenance. Bothitstrend strength indicators are flat & remain neutral. Weekly options data indicates a strong base at 15700 followed by 15800whileresistance at 16000 would be a key barrier for acceleration. Seasonality factor is the only hope for some green to be establishedafteraconsecutive 3 months of a decline wherein the immediate 4th month could bring in some hope as witnessed in the past. Withtheresultseason just about the commence in a few days its ideal to retain long short positions as stock & sector rotation is expectedtoremainrobust. Only a breakdown below 15500 would mark as increase in directional momentum which could push the index lower towards15100 zone while upside sustaining beyond 16135 should be participated with a cautious approach.
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