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‘Breakaway Gap’ followed by the ‘Run Away Gap’ which managed to push the index outside the on-going channel patternformationisagood sign for ongoing bullish trend. But the consecutive occurrence of narrow ranged candle formation despite the trendstrengthisacautionary signal. A close above its 200 DEMA level of 16520 has elevated the critical support zone to 16180. Derivativedataindicatesfirm OI bounds at 17000-17200 for the week with 16500 being the immediate support. Stock specific rotation to remainhealthyuntil theindex trends above 16180. Though there is no sign of exhaustion or reversal yet on its lower time frames its ideal to retainatrailingstopstrategy for existing longs. Its PCR has fallen to 1.34 from 1.47 as the index approaches its overbought territory; its ideal tobookprofitsduring this course upwards towards 17000 where ever necessary and avoid leverage until a meaningful pullback move is not witnessed.Momentum longs should be booked completely in case 16180 is breached from hereon.

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