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Nifty

Nifty is brilliantly respecting the bounds laid by the pitchfork tool; so far it has been trending well within the levels laid by the tool. The oscillation would result into a directional move only once the major bounds of the tool viz. 16830-16200 are breached on a consecutive closing basis.Its trend strength indicators are well placed within the bullish trending mode & display no signs of any major weakness. With its trading base now been elevated higher towards 16500 from 16380 which now could act as a trading stop for momentum longs. Pattern targets on the higher side remain intact around -17170 (Flag Target) & 17600 (Upper end of rising Channel) which remain valid until 16200 holds for the coming months

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