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Index remained subdued throughout the truncated week within its Monday’s trading sessions range &alsoregistereda‘Spinning top’ formation on the final day of the week. The bullish hammer implications would only inlock oncetheindexregisters a close above 19480 level. The latest spinning top formation helped the index recover & close abovethepsychological support zone of 19300. Since both the trend strength indicators remain in their respective negativezone, aclear breakout above the 19500 (Upper range of channel pattern) remains a requisite for revival in bullish strength. Untilthen expect the oscillation within the ongoing descending channel to continue with progressing levels placedat 19500-19160. Therefore, its ideal for traders to retain their hedge positions until a price breakout above 19550 is registered.

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