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‘Doji’ candlestick formation is awaiting confirmation. Both its trend strength indicators are placed well for further weakness. Inaddition,the immediate support base around 21830 would be in danger with the ADX rising higher and the RSI around its 50 level. Optionsdatafor the final leg of the series indicates firm bounds at 22000 followed by 21800 while upside hurdles are well placed at 22400-22500itselfwhich would continue to act as a supply zone. The ongoing bounce back looks temporary & may see further slippages beyond21830inthe coming series. Hence its ideal to refrain from building any aggressive positions during the expiry week. It is likely that theindexmayrefrain from falling below the same during the week & consolidate within the 22400-22000 zone before commencing its next bearishleg.Even for short term investors it is advisable to proceed cautiously with any pullback moves or to stop the buy on declines approachuntila reversal formation is confirmed on its weekly scale, as the index is exhibiting signs of a "Channel Pattern" breakdownonitsweeklyscale shortly. Slippages below 22190 would be a confirmatory sign of resumption of bearish momentum during the week.

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