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Price wise index is now placed above the breakout zone of its declining channel while its RSI has been showing leading signs of rising trend strength within the channeled range. We expect the index not only to surpass the 14850 hurdle but to witness a firm directional momentum above 15040 which could push it higher towards 15600. The downside looks firmly capped till 14000 as indicated by strong PE OI additions at the beginning of the series itself while the base is expected to levitate towards 14500 once the trend progresses above 15040. Therefore the strategy remains intact as the odds remain in favour of the investors, its ideal to retain the buy on declines strategy for investors & positional traders.

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