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Index continues to hover around the 15865 (20 DEMA) zone & yet to close above the same. Ideally the occurrence of narrowrangebodiesindicate lack of confidence & exhaustion. Its daily RSI is at 47 nearing the 50 mark but ADX is gradually falling flat & at 23 which aredivergingsignals on the indicators. Hence the recent pullback looks fragile & could succumb to weakness incase 15660 is breached fromhereon. Decisivebreak on either side would unlock directional momentum until then expect mean reversion play around the bounds. Ideal to redeployaggressive shorts once below the 15460 until then expect consolidation with a broad range. Pullbacks within the oscillating rangeareexpectedto remain fragile which could culminate into a blow off of the pullback rally as we enter the final legs of the june expiry. Key levels for today;option pain stands at 15800 while 15700 looks like a dependable intraday support as of now. A decisive breach above 15865 remains arequisitefor the day which could surprise with a move towards 15930 followed by another round towards 16050 mark.

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