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Occurrence on a ‘Bullish Hammer’ followed by an ‘Inside Bar’ pattern formation highlights the immediate range of 19630-19430.An either side breakout form this range would unlock the directional momentum play in the coming week. The index againtryingto maintain its close above its 5 & 20-days EMA while it has been placed near the upper end of the ongoing decliningchannel.Incase of sustenance above the 19630 the index is likely to scale towards 19840 level quickly. Until then we continuetoremaincautious & advice adequate hedge for any exiting long position. An affirmative close above 19630 is an early sign of shift insentiment which could eventually lead to a breakout above 19840. Hence traders could opt to chase momentumonce19630isbreached during the current week itself. On the flip side only a consecutive close below 19430 would violate the anticipated-upmove expectations & push the index back towards 19300.

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