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Nifty

Global cues will keep the index oscillating within the range of 16460-15840 zone until a firm reversal sign developsonitsweekly scale. Immediate hurdle for the index remains near its 20DEMA zone placed around 16520 while support looksfirmat 16000-15840 as both indicators are now shifting into their respective neutral to positive zone. Breakdownbelowtherecent ‘Doji’ near its short term support zone of 15670-15700 would open the final leg towards 15100-15000zonewhichcould be the base for this series. Hence traders are advised to remain cautious on their leveraged positions whilewecontinue to retain our neutral to bearish outlook until a firm reversal emerges on its weekly scale. Retain longshortsuntilafirm consecutive close is not established on its daily scale. For the day looking at the global cues expect the support of16300to work a resistance while 16000 would work as a magnetic support throughout the day. With OI turning from0.95wemaysee yet another dip towards 0.75-0.60 zone which would be an ideal zone to build longs. As of nowthe expiry rangefortheday stands at 16300-16000 itself any slippages outside the same should be utilized to deploy contra positions

Nifty Chart

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