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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 15630 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 rebounding from a meaningful support zone with RSI rebounding from 50 is a complimentary sign for the ongoing bullish trend to continue. 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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