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Nifty

Nifty continues to hold itself above its 5 DEMA without any hesitation as the bullish sequence remains intact. The breakout zone near 15330 now stands as a key support for the series, while the rounding formation indicates a probable target zone at 16300 once above 16040 (Weekly Wave Count termination zone) The RSI indicator has hit its overbought zone but observation indicates lack of incremental strength but there is no sign of divergence while ADX remains steady, hence we can expect the ongoing trend to see more legs until it holds itself above 15330 . Focus remains to retain longs in traditional large cap stocks. We expect the immediate up move above 15600 towards 16040 to be challenging.

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