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Pullbacks remain fragile as index continues to slide lower. The breakdown below the channel support with a consecutive close belowthe samereconfirms the bearish trend. Pullbacks during the week if any should find resistance around 16040 mark while the GAP resistance zone at 16170isexpected to act a stiff resistance during the week. Both trend strength indicators have been in sync since the commencement of this recent declinefrom 16610 with RSI now falling towards 35 & yet to hit its oversold zone while ADX is swiftly scaling higher towards its 25 zone ; breakout abovethesame would amplify the bearish move. With the anticipated level of 15800 being achieved in just a matter of few days fresh weakness below15760could open the gates for an extended move towards 15100-15000 to be witnessed during this June series itself. Only a breakout above 16610wouldnegate this bearish trend & hence serves as a stop on closing basis with an expected grinding move below 15100-15000. We continue toadvise&adhere a sell on rise mode until the index exhibits a firm reversal sign on its weekly scale.

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