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Nifty

On its daily scale Nifty witnessed a strong recovery from yesterday morning gap down opening as it not only surpasseditsprevious days high but managed to register a strong close above the same. The breakout above 16240 was on cards as Niftywasholding well above its 5 days exponential moving average above 16020 with sustained buying interest since Monday’s session.Unwinding in 16300 strike could push the index towards 16480 to 16520 (200 DEMA) zone soon. Both trend strengthindicatorsremain optimistic complimenting the ongoing up move. Options data indicates firm support at 16000 while the intermediate shift could be witnessed higher towards 16200 while 16500 remains a stiff resistance for the week. India VIX rebounding fromitsmonthly ranged support at 17 is the only concern as the week remains result heavy expect stock & sector rotation to remain high.Its ideal to avoid aggressive positions on either side until the index oscillates within the ongoing channel with bounds at 16550to15940. While ongoing momentum longs should be maintained with a trailing stop loss below 16020.

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