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Nifty

The oscillation within the range is getting narrower by the day as the series of inside bar formations continue to occur on its daily scale. With its daily RSi again rebounding above 51 its an ideal sign of a progressing breakout. The ongoing oscillation could see a major breakout once above 14960 which could unlock firm directional momentum. There is no major sign of weakness as most of the momentum indicators remain flat. Confluence zone of the two channels seems to have worked well as the recent rebound looked breaking above the ongoing declining channel formation. Four bullish reversal formations (viz.Homing Pigeon, Harami, Piercing line, Harami Cross) against a single bearish formation. A breach above 14960 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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