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Nifty

The baton now seems to be passed on to the traditional large cap names which could stabilize the trend going forward. With such diverging trends in indices & rapid sector rotation action its ideal to book profits from mid-caps & high beta names while conviction continues to rely on large cap traditional stocks along with specific unlock theme based opportunities while the index remains upbeat above 15000 mark. While its seasonality factor score for the month of June has been relatively tepid as most of the past trends where April & May months strong performance saw a cool off in momentum in June. Hence even the current price once trending near its target zone could witness some cool off / corrections during the series. Technically the index has been progressing well above the expected channel pattern target of 15600 as well but its daily RSI still below 70 despite the price quoting fresh record life high closing is indicating lack of necessary incremental strength. Hence for the series the upmove above 15600 towards 16040 could be challenging while 15300-15000 are expected to remain key pivotal support zones for the series. In the short term index is trending well above its 5 DEMA which is complementing the support zone around 15500 to remain intact for the week while upside may be capped around 15780 for the week

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