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Nifty

Index displayed a breakout closing above its ongoing consolidative range of 15930-15630. The range may stand valid until a consecutive close above 15930 which can provide an extended move towards 16040. The occurrence of multiple bullish reversal formation near this support range is a sign of strength near the support. A breach only below 15630 could push the index lower towards 15400-15450 (Intermediate Support) while an up move could see resistance near 16040. Outlook for July remains bullish, pullbacks if any shall be utilized to create long positions as the trend strength indicator has been trending well & displaying signs of incremental strength which is a complimentary sign for the ongoing bullish trend to continue. Its the current placement displays a make or break situation for the index with regards to momentum which could trigger above an RSI reading above 65. So expect the index to witness an extended up move towards 16040 first which could unfold the larger degree trending move towards 16530.

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