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Consecutive ‘Inside Bars’ near the 15800 support could lead into an either side quick move. With the event outcome known the probability of apullbackremains high. As the major trend remains weak pullbacks if any should find resistance around 16040 mark while the GAP resistance zone at 16170isexpected to act a stiff resistance during the week. Both trend strength indicators have been in sync since the commencement of this recent declinefrom 16610 with RSI now falling towards 30 while ADX is scaling higher. A breakout above 25 mark on the ADX looks likely soon &hence thelinerdeclining trend may continue for the coming week as well. With the anticipated level of 15800 being achieved in just a matter of fewdays freshweakness below 15650 could open the gates for an extended move towards 15100-15000 to be witnessed during this June series itself. Onlyabreakoutabove 16610 would negate this bearish trend & hence serves as a stop on closing basis with an expected grinding move below 15100-15000. Wecontinue to advise & adhere a sell on rise mode until the index exhibits a firm reversal sign on its weekly scale. For the day options data exhibitsanoversold state with OI-PCR rebounding from 0.61 base. The anticipated pullback may playout well towards 15900-16050 zone with stiff resistanceat 16050-16100 itself. On the flipside the base for the day as of now looks firm at 15750 which could shift marginally higher as the day progresses. Sustenance on the higher side remains a major concern & hence the day could remain challenging for index trader.

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