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Breakdown below 16850 amplified the down move as the index swung below its 61.8% retracement support zoneof 16620in no time. The level is expected to act as a resistance going forward in the coming week while the Doji formationconfirmation would require a firm close above the same. On the flipside a breakdown below the Doji’s lowlooks likelytopush the index further lower towards its 78.6% retracement zone of 16225 & eventually towards 15860 whichmayprovidethe floor for the next up move. Both trend strength indicators warrant further downside as RSI remains decliningyetfaraway from its oversold condition while ADX breaking above 25 would add further thrust to the rally. Positional basiswiththe breakdown in place it’s ideal to retain short positions until an oversold situation is not witnessed or a firmreversal formation occurs on its weekly scale.

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