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Index did mark a higher bottom post the occurrence of the ‘Spinning Top’ formation but it failed to resister a close outside the pattern rangeof 19360-19240. It has been facing continuous supply pressure near its 20 DEMA level which has now shifted to 19430. The failure to close above theongoingdeclining channel pattern is a sign of continuation of corrective wave within the progressing pattern with bounds now placed at 19050-19460forthefinal leg of the august series. With its RSI still declining at 45 & ADX line is also slipping lower its a complimentary sign for weakening trend. Slippagesbelow 19160 could see an immediate reaction towards 19050-19000 base while upside as per options data too remains capped at 19400to19500forthe current series. Traders should avoid either side aggressive positions as the broader market still continues to remain healthy despite of theconsolidation witnessed on the index. Hence the outlook still remains cautious to negative until 19560 is not surpassed on the higher sidewhiletheindex continues to drift within the progressing pattern with its current base now at 19050.

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