The immediate level of support now could be 16230 (Mid-Point of the Pitchfork tool) while major support remains at 15930 - Tradebulls Securities
Nifty
Consecutive closing above 16320 remains the requisite for the directional momentum play to be unlocked for a move towards 16530. The index has been respecting the ‘Pitchfork Tool’ range & remains locked well within the same. The immediate level of support now could be 16230 (Mid-Point of the Pitchfork tool) while major support remains at 15930. Its RSI has hit the overbought zone but there is no sign of any divergence on its intraday scale nor its daily while ADX is now placed at 25 warranting the breakout above 16320 to remain steady. For the week 16320 remains a key level to track for resumption of directional uptrend, a consecutive close above 16320 remain mandatory for gauging the strength towards 16530. Options data for the fresh weekly expiry denotes firm bounds been placed at 16350-16200 followed by 16500, complementing the pitchforks range bound mode. Unwinding pressure would only unlock above 16340 even for the day. Nifty remains in a buy on declines mode as the broad trend remains strong & positional longs should be added until 15930 holds while 16230 now becomes the trading longs stop level.
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