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Nifty

Index could remain oscillating within the ongoing channel pattern with key bounds been placed at 14940-14430. As most of the indicators remain either flat the probability of further consolidation within the range cannot be ruled out. Since the up move has been swift post the ‘Harami Cross’ formation on its daily scale the odds remain in favour of the buying. Nifty did manage to recover the lost ground in a relatively less time the ongoing up-move does possess the characteristics of a fresh impulse wave in action. The occurrence of an ‘Harami Cross’ & its confirmation reaffirms the base at 14400 while a breakout above 14940 would amply the momentum further towards its life high zone. 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.

Nifty chart

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