The Nifty50 has been showing a higher high and lower low pattern over the month. This indicates that the long-term trend for the benchmark index remains bullish.We can see in the weekly chart that prices have been rejected at the 16,000 mark for approximately 4 weeks.The index has seen fatigue from a price action perspective. On the daily chart we can see that the index has moved within a range of 15,915 to 15,673 in the last 7 sessions.The options front (July 8, 2020 expiry) has the highest open interests. On the put side, however, the highest open interested is in the 16,000 Call Options.We can therefore expect the wider range of the index at 16,000-15,000.The indicator front shows that the stochastic plotted over the weekly and daily time frames can be seen to form a bearish crossover at the overbought area. This indicates that the bulls may be losing their grip on the trend.The key support level for the future is 15,670 on the down side. If the index falls below this level, then we can expect further decline towards the 15,450 mark (3 week low), 15,100 (multiple touchpoint levels and the 20-week SMA).The Nifty is feeling tired as it nears the 16,000 mark. It might see a slight correction. If prices fall below the 15,670 level, we can expect prices to drop and eventually test the 15,450 or 15,100 levels.If the 15,915 mark is broken on the upside, our bearish view will be invalidated. In that case, the index can move higher and test 16,000-16,000.100.Below is a list with the top trading ideas for the next three to four weeks. The closing price on 30 June is used to calculate returns.LTP: 899Cummins India can be seen in the monthly timeframe as forming a higher-higher, lower-low pattern since March 2020.The weekly chart shows that the stock formed an accumulation formation around 12 weeks after reaching the peak of Rs 934.The stock rose to a new high in this week. The prices rallied to the Rs 907 (28th Apr 2021) high on the 30th of June 2021.The strong volume buildup backed this up movement, which indicates participation in the up trend. The indicator aspect of the indicator shows that the RSI plotted for both the weekly as well as daily time frames can be placed above the 50 mark. It is moving higher and indicates bullish momentum in the markets.The previous swing high and 38.2% extension of the increase from 425-937 projected starting 747) will serve as an immediate resistance. If prices break above this level, we may see them move higher to test Rs 1,061 (61.88% extension level for the rise of 425-937 projected starting 747) and finally towards Rs 1,147 (78.6% extension of the growth from 425-937 projected starting 747).On the downside, Rs 867 is the breakout level. If prices fall below this level we can expect prices to drop towards Rs 816 (multiple touchpoint levels).Cummins India's medium-term charts show that it appears to be emerging from a consolidation pattern. This breakout was supported by above-average volumes which indicate participation in the breakout.LTP: Rs 4296Tata Elxsi can be seen in the monthly timeframe forming a higher-higher, lower-low pattern since March 2020.The weekly chart shows that the stock was in a range of approximately 7 weeks after hitting a high of Rs 4,090.The stock broke and closed above its previous swing high of Rs 3981, on 30 June. This breakout was supported by an above-average volume which indicates participation, as prices reach new lifetime highs.The indicator front: While the RSI plotted weekly on the chart seems to have witnessed a range shift from May 2020, and has managed to stay above the 50-mark every since, it appears to be forming a bullish hinge now and moving higher towards overbought, indicating that bulls are in charge of the trend.
