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Nifty

Nifty again witnessed a smart recovery from the pitchfork tools support range. The index again saw an occurrence of a bullish reversal formation viz. Bullish Hammer during yesterday’s session. The base for the July series around 15630-15600 is held on well despite the high volatility swings. As indicated we expect final legs of the july series to witness some dynamic action throughout the week. The recent swings from its mid-range saw multiple reversal formations viz Hammer, Harami & Doji & again a Hammer etc which reconfirmed the strength in the tools indicative support range. Expect index to witness a smart recovery towards the mid-point of its ongoing oscillating range of 15930-15630 placed around 15830, as major strength now could unfold once above 15830 itself. On a broader note expect the index to eventually witness a breakout above 16040 & unlock the move towards 16530 zone which can be participated with a stop below 15630 CLBS. For the day expect the ongoing momentum to continue towards 15700-15750.

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