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Nifty

Despite the recent occurrence of ‘Piercing Line’ pattern near the support zone, the index is witnessing further consolidation within the pattern range. The immediate hurdle remains at 14940 while the major support still rests at 14330. Options data major bounds remain at 15000-14000 while 14500-14700 remains immediate significant zone for the day. Option pain as of now stands at 14600 while OI PCR below 1 indicates oversold nature for the day. The immediate range could be traded with a contra approach until the range stands firm at 14500-14700. Technically, a decisive break on either side of the 14940- 14330 range would result into firm directional momentum play for the weeks ahead, Odds favor a breakout & hence buying declines remain a prudent strategy.

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