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Nifty

The declining trend seems arresting as the index registered a reversal formation awaiting final confirmation. The index saw an ‘Homing Pigeon’ occurring near its 20 DEMA support zone, reaffirming the support. A close in todays sessions above 14850 should unlock the bullish momentum as well. Option data indicates strong bounds at 14700-15000 for the next two sessions with OIPCR & VIX also indicating cool off. Hence traders may util ize the opportunity to build longs once a firm sign of reversal gets confirmed. As per seasonality factor data predominantly the month of march has mostly favoured the bulls & hence the ongoing decline may unfold fresh opportunities on the long side as the week progresses.

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