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The ongoing narrow consolidation seems to have matured into a breakout as the index continues to remain on a strong trajectory until it hold above 15065. Options data indicates major bounds around 15000-15500 for the week. Indicators on the other hand are still trending well into the bullish zone with RSi swinging towards 71 (overbought ) while ADX remaining strong above 36. Hence expect major momentum to unfold on a close above 15470 while any sustained move above 15065 would be considered as trail stop for the upcoming momentum. Traders should continue to trade momentum until its previous days swing low is not breached consecutively . Buy on declines remains a prudent strategy as index scales above its life high. Major key level for the index now rests around 15470 while on the flipside 14930 has developed as an elevated support zone & a prudent stop for trading momentum.

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