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Index witnessed yet another ‘Inside Bar’ formation on its daily scale as it continues its consolidation mode near thelowerend of the channel pattern support. The latest ‘Bullish Hammer’ candlestick pattern formation followed by thesequenceof‘Inside Bar’ formations reconfirm the base of the declining channel pattern at 19300 to remain strong. It is encouragingthatthe ongoing consolidation looks matured to the point where a breakout on either side or a directional changemaysoontake place. On an immediate basis, the pattern limits are well positioned at 19550-19230, and a move to either sidewouldrelease the directional move. Though both its trend strength indicators are negatively placed the occurrenceof abullishcandlestick reversal patterns at the base of the channel brings in hope that the uptrend could resume soon. Therefore, itsideal for traders to retain their hedge positions until a price breakout above 19550 is registered.

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