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Nifty

Nifty slipped below the Star formation & also closed below its 5 DEMA. Star formation occurring near the median range of the pitchfork tool is not a sign of strength but we continue to believe that the index is likely to trend along the pitchforks vicinity until a firm breakdown is not witnessed below 15520 or a breakout above 16040. The RSI indicator has hit its overbought zone & now diverging but observation indicates lack of incremental strength, hence on a broad note we can expect the ongoing trend to see more legs until it holds itself above 15520 . Since the range is yet to see an expansion focus remains to retain longs in traditional large cap stocks & avoid high beta stocks. We expect the immediate up move above 15600 towards 16040 to be challenging due to its proximity to the mean zone of the pitchfork tool.

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