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Nifty

Index slipped below the confluence support zone of 14500 as it continues to oscillate within its Declining channel range. Proximity towards the lower end of the channel range with most oscillators now in their respective oversold zone is a sign of caution again.

The index could witness a cool off soon. Its multi weeks support zone is placed around 14400 while the ongoing declining channel support is now trending around 14200; hence the zone of 14400-14200 could be a value add zone for investors & positional traders to accumulate quality stocks. While traders should continue to trade with the trend will low leverage opportunities due to the upcoming oversold nature of the markets.

Technically, a decisive break only above 15040 from hereon could push the index towards 15700, once the directional momentum unlocks. Until then 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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