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Despite the uptick the index failed to surpass the resistance zone of 18910. The recent Occurrence of a ‘Bullish Hammer’ candlestick formation whichis apositive signal versus the prior negative formation ‘Dark Cloud Cover’ would keep the market in a worrisome state. Both the reversal pattern needs confirmatoryclose on either side of the said range of 18710-18910 for the momentum to shift. Immediate option bounds remain narrow at 19000-18800 as the rangeshiftshigher with progressing time. Its trend strength indicators compliment the ongoing up move to continue as its RSI remains oscillating within its 70-60zonewhileADX is trending upwards well at 37. The failure of recent bearish candlestick reversal formation would again be a sign of ongoing strength &sentiment prevailingin the markets for a fresh life high. Option cluster for the week also supports the narrow range with key bounds at 18700 & 18900 itself. Price unfoldingoneitherside would lead to further unwinding pressure unfolding into fresh momentum. Hence, we advise traders to retain longs with a major breakdownis evidentbelow 18605 while upside could extend further once beyond the 18910-19000 cluster gets breached. For the day Nifty could see a oscillation within18950-18800 itself with 18850 being its midpoint. While Banknifty should unfold its momentum on either side once outside the said range of 44050-43700.

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