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Nifty

Nifty achieved the expected triangular formation target on expected time as it registers fresh life high. Its RSI though is still lower at 69 well lower compared to its reading when it registered a fresh high then at 15431 on 16Feb’21. The observation also indicates lack of incremental strength but there is no sign of divergence or an overbought reading until now, hence we can expect the ongoing trend to see more legs until it holds itself above 15000 for this series. Focus remains to retain longs in traditional stocks & avoid chasing alpha via midcap stocks which now look risker for fresh additions. We expect the up move above 15600 towards 16040 to be challenging while 15300-15000 is expected to remain key pivotal support zones from hereon.

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