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Index saw a smart rebound from its 19300-support base as it regained its strength to close near its 5 days EMAlevel of 19400.Sofar the index is consolidating within the bullish hammer patterns range. The pattern implications would only unlock oncetheindex registers a close above 19480 level. The latest spinning top formation helped the index recover & close abovethepsychological support zone of 19300. Since both the trend strength indicators remain in their respective negative zone, aclearbreakout above the 19520 (Upper range of channel pattern) remains an immediate requisite for revival in bullish directional momentum. Until then expect the oscillation within the ongoing descending channel to continue with progressing levelsplacedat19480-19160. Therefore, its ideal for traders to retain their hedge positions until a price breakout above 19520 is registered.

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