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Nifty

Technically 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 any major directional momentum with major key trend support for the month been placed at 15400-15440. Until then expect further consolidation /corrective action within the ongoing range of 15700-15950.

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