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Nifty

Nifty so far has been trending well within the bounds laid by the ‘Pitchfork tool’ & closing towards 16680 soon. The breakout from the continuation pattern indicates a major target zone upto 17000 while the immediate swing zone is placed around 16680. Though the RSI has been trending within its overbought territory but has no signs of divergence or weakness, while the ADX on the other hand has breached comfortably above 35 & showing clear signs of incremental strength. We expect this strength to continue towards 16680 immediately followed by the continuation pattern target zone around 17000. Momentum traders should continue to build long positions with a trailing stop at 16230 while the trend stop loss zone for the bullish structure remains at 15930. For the day 16680 could remain a key resistance zone while support looks firm around 16530.

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