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Breakdown below 15800 followed by 15650 intensified the decline as the index gallops towards its immediate key support zonenear15060. The support of 15800-15860 should act an immediate resistance from hereon while the major trend reversal gaugeremainsat16160. Amongst trend strength indicators RSI has slipped towards 30 zone to hit the oversold state but ADX has been trendingwell above its 25 mark. Hence its ideal to avoid refrain from participating bounce back opportonites arising froman oversoldreading&onlyaccount for the same once a clear RSI-Price divergence exhibits on its immediate time scales. Fresh weakness below15650hasopenthegates for an extended move towards 15100-15000 to be witnessed during this June series itself. Only a breakout above 16610wouldnegate this bearish trend & hence serves as a stop on closing basis with an expected grinding move below 15100-15000. Wecontinuetoadvise & adhere a sell on rise mode until the index exhibits a firm reversal sign on its weekly scale. Option data indicates anOI-PCRrebounding from 0.61 base to 0.76 as of now & hence an intraday pullback would again provide a good reward risk opportunityforfreshshorts.

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