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Traders may remain cautious as volatility is expected to spike up due to global markets selloff which could result into a likely pause in the ongoing momentum & result into a consolidation. The recent occurrence of a ‘Homing Pigeon’ candlestick near its 20 DEMA support zone, remains the formidable support for the latest trend reversal. A weekly close only below 14600 from hereon could set an alarm hence the strategy remains intact to retain the buy on declines strategy. Option data indicates strong bounds at 14900-15150 for todays. Hence traders may utilize the opportunity to build longs once a firm sign of reversal gets confirmed even on its intraday charts. 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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