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Occurrence of the ‘Spinning Top’ formation at the box support range 19260 is a sign that we may finally witness an either side breakout fromtheongoing sideways range of 19360-19160. Index has been facing continuous supply pressure near its 20 DEMA level which has nowshiftedto19360. Thefailure to close above the ongoing declining channel pattern is a sign of continuation of corrective wave within the progressing pattern withboundsnow placed at 19050-19360. With its RSI still declining below 50 & ADX -ve DI line closing towards ADX line is a complimentary sign for weakeningtrend.Slippages below 19160 could see an immediate swing towards 19050-19000 base while upside as per options data too remains capped at 19500forthecurrent series. Traders should avoid either side aggressive positions as the broader market still continues to remain healthy despite of theconsolidationto gradual weakness witnessed on the index. Hence the outlook still remains cautious to negative until 19560 is not surpassed on the higher sidewhilethe index continues to drift within the progressing pattern with its current base now at 19050.

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