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On its daily scale the occurrence of the Dark Cloud Cover formation at the pitchfork resistance zone (16680) is a sign which cannot be ignored. Oscillators are placed in the comforting zone as RSI is overbought but there is no sign of divergence while ADX is still trending higher. The overall setup looks ideal for a quick throwback towards the pitchfork bounds which are placed at 16380 & 16040 itself. Any rebounds towards these levels would provide fresh opportunities to add longs I going forward as the major trend remains bullish. On the immediate note expect some cool off / weakness which could keep the index oscillating within the broad band of 16680-16380 itself & only a decisive breach below 16350 could broaden the zone towards 16040. Ideally it’s better to remain cautiously optimistic & focus on long short opportunities.

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