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Nifty

‘Bullish Hammer’ at the lower end of the channel around 14760 is a good sign of strength near support. The pattern requires validation above 15050, which also remains the mid point of the ongoing oscillation within the range of 15300-14700 itself. RSI remains flat & oscillating near its 50 zone but the PCR OI slipping below 0.93 is a sign of oversold state for the indices. Options data shows key bounds been placed at 14500-15500 with 15070 being a momentum gauging level. Traders should remain vigilant, retain low leverage trades & continue with long short pairs until directional momentum unlocks

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