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Nifty

Index witnessed a Doji formation near its breakout zone; ideally such a formation after consecutive occurrence of Inside bars is a sign of caution. With most of its trend strength indicators displaying renewed strength the probability of a sustained breakout above 15040 looks likely. The ongoing oscillation could see a major breakout as it closed above 14960 & a follow through move above 15040 in todays session could unlock firm directional momentum. There is no major sign of weakness as most of the momentum indicators remain flat. Confluence zone of the two channels seems to have worked well as the recent rebound looked breaking above the ongoing declining channel formation. A breach above 15040 from hereon could push the index towards 15200 in no time while the major level to track on the upside rests around 15700 ( upper end of the broader channel). 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

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