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Index continues to display strength for 5 consecutive sessions in a row, crossover in its 5 & 20 DEMA at the Channel breakout zone is a sign that price action is getting ready for another strong momentum rally. It has managed to climb towards & breakout from the upper end of its ongoing ‘Channel’ pattern with mush ease & the breakout above 14705 is further strengthening of the ongoing reversal. Option data indicates a shift in range towards 14800-15000 for the day & hence only a close below 14800 would be detrimental for the ongoing bullish momentum. Technically, a decisive break above 14705 followed by a follow through close above 15040 shall unlock the broader move towards 15700-16000. Strategy remains intact since the odds remain in favour of the investors, its ideal to retain the buy on declines strategy for investors & positional traders.

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