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Nifty

Nifty rebounded exactly from the pitchfork support zone & registered yet another close above its 5 DEMA without any hesitation as the bullish sequence remains intact. Going forward we expect the index to trend along the pitchforks vicinity until a firm breakdown is not witnessed below 15520. The RSI indicator has hit its overbought zone & now diverging but observation indicates lack of incremental strength while ADX remains steady, hence we can expect the ongoing trend to see more legs until it holds itself above 15520 . Focus remains to retain longs in traditional large cap 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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