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Nifty

Nifty remains oscillating within the broad range of 14240-14840. The ongoing oscillation has witnessed many bullish reversal formation around its daily support range reconfirming the strength around the same. With most of the oscillators in the oversold zone a breakout above 14300 would unlock the much awaited directional move on the upside.

Technically on the broad scale , a decisive break above 15040 remains the main requisite for a firm directional momentum to unfold towards 15700. But until within range it’s ideal to retain low on leverage & maintain a mean reversion approach.

Hence for the week as the index is resting around its lower range the reward risk opportunity remains in favour of the bulls & only a close below 13980 from hereon will disqualify the expected reversal move & warrant into a corrective wave

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