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Nifty

‘Inside Bar’ formation was witnessed on the daily scale. As per the pattern expect trading momentum once outside the pattern range for the day which stands at 15860-15660. Upside for the week has been expected to remain capped around 16040 while on the flip side the recent hammer pattern swing support near 15450 could act as an intermediate support for the new series followed by 15240. Rollover data has been modest & nothing significant as Nifty rolls were inline with a marginal addition of 3% EoE while banknifty saw a reduction of about a percent. Major option bounds remain intact at 16000-15000 for this series as well & may see a revision once the index registers a confident close above 16040. Seasonality factor score for the month of july has always favoured the bulls. Hence expect markets to remain relatively steady & witness more trending moves.

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