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Nifty

Confluence zone of the two channels seems to have worked well as the recent rebound looks breaking above the ongoing declining channel formation. Four bullish reversal formations (viz.Homing Pigeon, Harami, Piercing line, Harami Cross) against a single bearish formation along with the RSI breaking above 50 is a strong sign of incremental strengthens of the trend. A breach above 14940 from hereon could push the index towards 15700 As a firm directional momentum play seems to be in action & the odds favouring the bulls, its ideal to retain the buy on declines strategy for investors & positional traders.

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