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Occurrence of an ‘Bullish Harami / Inside Bar’ formation around the channel support is a good sign of trend reversal from support. RSI has been hovering around its 50 mark with PCR OI on the other hand is displaying lack of conviction amongst traders as the ratio has been deteriorating despite the sharp weakness witnessed in the last few sessions. Options data indicates firm support around 15000 alongside the GAP Support now created around 14930. On the flips side 15500 would act as a meaningful resistance above which directional momentum could be witnessed. Hence it looks a ripe situation for a reversal to set place, hence traders should remain vigilant until the index oscillates within this range of 15500-14500. Prefer shorts only incase the momentum accelerates below towards 14400, else we may witness exhaustion & a quick reversal above 15000 which could be utilised by adding anticipatory longs with stops below 14400 itself.

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