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Index has witnessed two consecutive candlestick reversal formations viz. ‘Bullish Hammer’ followed by a‘SpinningTop’formation near the critical support zone around 19430 but both are yet to witness a confirmatory closeabovetheirrespective swing high. The ongoing corrective price action has been confined within the declining rangewithitstrendstrength indicators following the price. Only a breakout above 19840 would reactivate the bullish momentum; until thenwecontinue to remain cautious & advice adequate hedge for any exiting long position. An affirmative close above19630wouldbe an early sign of shift in sentiment which could eventually lead to a breakout above 19840. Hence traders couldopttochase momentum once 19630 is breached during the current week itself. On the flip side a consecutive closebelow19430would violate the anticipated-up move expectations.

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