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Index continues to face supply pressure near its 20 DEMA level which has now shifted to 19360. The failure to close above the ongoing declining channel pattern is a sign of continuation of corrective wave within the progressing pattern with bounds now placed at 19050-19360. With its RSI still declining below 50 & ADX -ve DI line closing towards ADX line is a complimentary sign for weakening trend. Slippages below 19160 could see an immediate swing towards 19050-19000 base while upside as per options data too remains capped at 19500 for the current series. Traders should avoid either side aggressive positions as the broader market still continues to remain healthy despite of the consolidation to gradual weakness witnessed on the index. Hence the outlook still remains cautious to negative until 19560 is not surpassed on the higher side while the index continues to drift within the progressing pattern with its current base now at 19050.

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