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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 of19400. So far the index is consolidating within the bullish hammer patterns range. The pattern implications wouldonlyunlock once the index registers a close above 19480 level. The latest spinning top formation helped the index recover&close above the psychological support zone of 19300. Since both the trend strength indicators remain in their respectivenegative zone, a clear breakout above the 19500 (Upper range of channel pattern) remains an immediate requisiteforrevival in bullish directional momentum. Until then expect the oscillation within the ongoing descending channel tocontinue with progressing levels placed at 19500-19160. Therefore, its ideal for traders to retain their hedgepositionsuntila price breakout above 19550 is registered.

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