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Nifty

Rebound from the confluence zone has been strong & inline with expectations. The immediate level to track on the upside is placed as the upper end of the immediate channel range at 14940. Since the index has managed to recover the lost ground in a relatively less time the ongoing upmove does possess the characteristics of a fresh impulse wave in action. The occurrence of an ‘Harami Cross’ & its confirmation reaffirms the base at 14400 while a breakout above 14940 would amply the momemtum further towards its life high zone. As a firm directional momentum play seems to be in action & the odds favouring the bulls, its ideal to retain the buy on declines strategy for investors & positional traders.

Nifty chart

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