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Index did witness a pullback due to its oversold reading on its intraday scale but despite the pullback the index failed to adhere any specific bullishreversalcandlestick formation characteristics. The pullback rested exactly near its previous pullback zone which serves as an immediate hurdle for the comingsessions.Options data indicates firm bounds around 22200-22300 while immediate support stands at 22000 below which the index could see a quick declinetowards21800. Since the index is India VIX (Volatility /Fear Index) is still confined within 16 level (its 200 WEMA level) & 13.50 (its 20 WEMA); a consolidationbreakoutwould be an early sign for traders deploy confident leverage positions. Until then the outlook remains neutral to cautious as sector rotational movewouldattractfurther rise in volatility. With the short-term support base for the week being breached its ideal to refrain from building positional longs until thereisafirmreversal pattern formation on its weekly scale or when the index clearly surpasses the resistance zone above 22400. Weekly closing below22150or thereaboutwill confirm a further decline towards 21800-21500 zone in the coming sessions as well. For the day 22080 would be a key support zone followedby21905&abreach below would unlock accelerated move on the lower side

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