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On the daily scale we are observing yet another narrow ranged body near the upper end of the ongoing channel pattern. Narrowrangedbodies with consecutive gaps near the ongoing channel patterns supply zone is a sign of caution. Incase the index witnessfurtherdemand near the current zone the ongoing bear market rally should see a comfortable extension towards 16400-16550 zoneduringthisweek itself. Both its trend strength indicators lack any significant development. While option data for the week indicates firmsupportat16000 while 16500 remains a headwind. Technically any slippages below 16040 (5DEMA) zone which currently stands far awayfromthecurrent price action could be the first sign of deteriorating bullish momentum & a possibility of a reversal. With theresultseasoncommencing, stock & sector rotation is expected to remain robust which has already triggered a cautious zone beyond16135. Onlyabreakdown below 15740 from hereon would indicate a severe weak trend & hence serves as an ideal stop for ongoingdirectionalupmove while momentum based stop should be placed below 16040.

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