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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 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 bounds at 15000-14500 for the week while meaningful directional momentum could be witnessed only once outside the said range. Hence it looks a ripe situation for a reversal to set place, hence traders should remain vigilant until the index oscillates within this range. 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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