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Nifty

Expect index to retain its oscillation within the range of 14800-14440 for the week with major bounds at 14940-14400. 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 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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