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Despite the pullback the index failed to surpass above its previous days high of 16510. Option data clearly indicatesshiftingof resistance from 16700 to 16500 for the upcoming week as option writers get hold of the bearish trend. Its 200DEMAhurdle at 16760 remains strong & looks unlikely to be breached in the June series while a dip below16360 wouldleadintoasustained weakness. Trend strength indicators are now in sync as RSI registered a negative crossover belowits 50markwhile ADX is rebounding & gearing for momentum. All these factors are leading signs of persistent weakness tobewitnessed in the upcoming weeks ahead. Only a breakout above 16760 would negate this bearish trend &henceservesasastop on closing basis with an expected grinding move below 15800.

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