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Nifty

Rebound towards the upper end of the channel so far has been gradual with most of the key strength indicators flattening. The recent ‘Doji’ near the upper end remains a sign of caution & only a quick breakout & sustenance above 15040 mark could unlock the directional move; else expect more time correction & price consolidation. On the flipside 14500 remains a strong support .Technically, a decisive break above 15040 from hereon could push the index towards 15700, once the directional momentum unlocks. Until then since the odds remain in favour of the bulls, its ideal to retain the buy on declines strategy for investors & positional traders

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