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Market outlook for the day remains bullish as index sustained well above its GAP opening zone throughout theday. Theimmediate hurdle for the day is placed at 17000 above which it could trend towards 17135 ( Weekly channel resistancezone ) . Its trend strength indicator RSI is near 70 level but on the other hand its other trend strength indicator ADXcontinues to trend higher , holding well above its 25 level which is a sign of strength. Hence its ideal to retainexistinglongsuntil 16700 holds while 16430 now serves as a major stop loss level for the ongoing bullish trend. Derivativedataattheindicates an immediate range of 16800 to 17000 while major bounds for the new series are placed at 16700and17000itself. Volatility index has been trending lower throughout the July series & is now hovering near 17 zone aheadof theRBIpolicy next week. Hence its advisable to deploy a sizeable hedge against your longs. Once the 17000-17135 zoneissurpassed confidently then we could see the index achieve its channel pattern target placed around 17480 whichlookslikeamajor resistance cluster for this series.

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