The index to oscillate within 16040- 15600 intermediate range within its broad range in the upcoming week - Tradebulls
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Nifty
Historical 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. A breach below 15650 could push the index lower towards 15400 (Intermediate Support) while an up move could see resistance near 16040.As our outlook for the current expiry remains bullish, pullbacks if any shall be utilized to create long positions as the trend strength indicators have reached a meaningful support zone with RSI rebounding from 50 & PCR OI below 0.80. So expect the index to oscillate within 16040- 15600 intermediate range within its broad range in the upcoming week.
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