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Nifty

Index now placed at key conjunction zone where a strong reversal formation may unfold .With the recent ‘Bullish Hammer’ at the lower end of the channel around 14760 awaiting validation above 15050, which also remains the mid point of the ongoing oscillation within the range of 15400-14700 itself. RSI remains flat & oscillating near its 50 zone but the PCR OI slipping to 0.87 is a sign of oversold state for the indices & hence any further weakness may not be sustainable. Options data shows key bounds been placed at 14500-15300 with 15050 being a momentum gauging level. Traders should remain vigilant, retain low leverage trades & continue with long short pairs until directional momentum unlocks.

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