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Breakdown of the on-going ‘Channel Support’ with a GAP compliments the on-going weakness to extend further. Pullbacks duringtheweek if any should find resistance around 16040 mark while the GAP resistance zone at 16170 is expected to act a stiff resistanceduringthe week. Both trend strength indicators have been in sync since the commencement of this recent decline from16610 withRSI nowfalling towards 35 while ADX is scaling higher at 19 post its rebound from 14 zone. A breakout above 25 mark on the ADXlookslikelysoon & hence the liner declining trend may continue for the coming week as well. With the anticipated level of 15800 beingachievedinjust a matter of few days fresh weakness below 15760 could open the gates for an extended move towards 15100-15000tobewitnessed during this June series itself. Only a breakout above 16610 would negate this bearish trend & hence serves as a stoponclosing basis with an expected grinding move below 15100-15000. We continue to advise & adhere a sell on rise mode until theindexexhibits a firm reversal sign on its weekly scale

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