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Nifty

The outlook for today’s session remains bullish as Nifty surpassed the hurdle at 16240 to scale higher towardstheupper end of the ongoing channel formation. Breakout momentum could push it higher towards 16500zonecloseto its 200 DEMA level of 16520. Trend strength indicator RSI remains steady & continues to remainbullishwhileADX remains flat but below its 25 level. OI-PCR is now at 1.38, about to hit the overbought reading&theonlycautionary signal. Option bounds state firm support at 16000 while further unwinding in 16300 couldopenupthemove towards the key resistance zone of 16500.As the week remains result heavy expect stock §orrotationto remain high & hence aggressive positions on either side should be avoided until the index oscillateswithintheongoing channel with bounds at 16550 to 15940.

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