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Nifty

Technically too the index is cling to its ongoing pitchfork indicator range with 16040 being the breakeven zone to unlock upward momentum towards 16530 while on the downside the recent Bullish Hammer swing low around 15450 holds the key for any bearish uncertain moves. Unlike June which is a month of consolidation / deceleration, July is a series known for its high action & expanded moves. Hence a breakout above 16040 remains the immediate requisite for unlocking the directional momentum. Until then expect further consolidation /corrective action within the ongoing range with support based around 15400-15440.

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