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Nifty

Index remains oscillating within the well-defined range by Pitchfork tool. The occurrence of multiple bullish reversal formation near its support range is a sign of reconfirmation of strength near the support. A sustained breach/ consecutive close only 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 has been trending well & displaying signs of incremental strength which is a complimentary sign for the ongoing bullish trend to continue. Its current placement displays a make or break situation for the index with regards to momentum which could trigger above an RSI reading above 65. So expect the index to witness an extended up move towards 16040 first which could unfold the larger degree trending move towards 16530.

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