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Index almost saw a reverse of momentum from the 15470 mark as its trend strength indicators saw a negative reading on their individual parameters. RSi saw a convergence near its overbought zone which was cautioning since the beginning of the week while ADX saw a sudden dip towards its –ve DI curve indicating lack of bull strength. But the price on the other hand managed to hold itself above its 20 DEMA. A sustained breached now below its 20 DEMA may lead to an extended corrective wave action towards 14600-14500 zone which happens to be the support zone of the ongoing channel up move. Traders may utilize the opportunity to build longs once a firm sign of reversal or exhaustion of the ongoing corrective wave is witnessed. As per seasonality factor data predominantly the upcoming march series has mostly favored the bulls & hence the ongoing decline may unfold fresh opportunities on the long side as the week progresses.

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