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Nifty

Index remains confined within the broader range but the recent rebound from the median zone of the pitchfork tool could lead its way towards the upper end around 16040. RSI remains confined within the downward sloping channel & trending well above its 50 mark. A subsequent breakout above 16040 with RSI lifting above 60 is the immediate requisite for directional momentum. A breach only below 15630 could push the index lower towards 15400 (Intermediate Support) while an up move could see resistance near 16040 for the week. As our outlook for the current expiry remains bullish, pullbacks if any shall be utilized to create long positions as the trend strength indicators rebounding from a meaningful support zone with RSI rebounding from 50 is a complimentary sign for the ongoing bullish trend to continue. So expect the index to oscillate within the intermediate range of 16040-15630 which is also a part of its broad range as indicated by the pitchfork tool.

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