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Index witnessed a strong recovery from the support base at 19300. It has formed a ‘Bullish Hammer’ patternat thebaseofthe declining channel pattern which is a strong sign of reversal within the ongoing continues its corrective priceactionwithin the ongoing declining ‘Channel Pattern’ formation with its bounds now placed at 19550-19230 on immediatebasis.The pattern helped the index regain its close above 19430 again which has been serving as critical area to gaugetrendstrength. Though both its trend strength indicators are negatively placed the occurrence of a candlestick reversal patternatthe base of the channel brings in hope that the ongoing corrective wave seems to have terminated. Therefore, itsideal fortraders to continue with their hedge positions until the oscillation within the channel pattern continues whilefreshaggressive longs to be deployed once the breakout above 19630 gets confirmed.

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