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Nifty

Index witnessed a smart rebound from the lower end of the immediate ongoing contracting range. 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 near support zone with RSI rebounding from 50 shall be complimentary sign for the ongoing bullish trend to continue. Past evidence shows that 50 zone on RSI 14E9 (in the lower panel) has been a trend confirming level & the current placement displays a make or break situation for the index. 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 while directional momentum could only unlock once index registers a firm close above 16040.

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