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Nifty

Index falls back within the ongoing oscillating range of 15930-15630. A breach below 15630 could push the index lower towards 15400-15450 (Intermediate Support) while an up move could see resistance near 16040. Outlook for July remains bullish, pullbacks if any shall be utilized to create long positions as the trend strength indicator RSI has been rebounding from its support zone, complimenting the ongoing bullish trend. Past evidence shows that 50 zone on RSI 14E9 (in the lower panel) has been a trend confirming level & the current placement displays a make or break situation for the index. So expect the index to oscillate within the intermediate range of 16040-15630 which is also a part of its broad range as indicated by the pitchfork tool.

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