No signs of an either side reversal as Nifty is expected to remain oscillating - Tradebull Securities
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Nifty
No signs of an either side reversal as Nifty is expected to remain oscillating within the ongoing established range of 15500-16135with15865 being its breakeven point to guage momentum within the range. On its daily scale both its trend strength indicators remain neutral with RSI flat but unable to sustain above its 50 zone while ADX is below 25 despite its ‘-ve DI’ scaling at 31 awaitingconfirmation.Seasonality factor is the only hope for some green to be established after a consecutive 3 months of a decline whereintheimmediate4th month could bring in some hope as witnessed in the past. Even derivative data indicates a firm upper bound at 16000 while support is been placed at 15500 as per its weekly OI cluster builtup. Its immediate resistance remains at 15865 & only a consecutiveclosecouldbring in some hope of a sustained move above 16000 mark. Until then expect pullbacks within the range to remain fragile which could culminate into a blow off of the pullback rally. Hence retain long short positions as stock & sector rotation is expected toremainrobust.Only a breakdown below 15500 would mark as increase in directional momentum which could push the index lower towards 15100 zone during the early part of the series.
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