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An ‘Inside Bar’ candlestick formation after a Doji is a sign of pause, reconfirming the resistance at 22500. In addition, the immediate support base around 21830 would be in danger with the ADX rising higher and the RSI hovering around its 50 level. Options data for the final leg of the series indicates firm bounds at 22000 followed by 22300 while upside hurdles are well placed at 22400-22500 itself which would continue to act as a supply zone. The ongoing bounce back looks temporary & may see further slippages beyond 21830 in the coming series. Hence its ideal to refrain from building any aggressive positions during the expiry week. It is likely that the index may refrain from falling below the same during the week & consolidate within the 22400-22000 zone before commencing its next bearish leg. Even for short term investors it is advisable to proceed cautiously with any pullback moves or to stop the buy on declines approach until a reversal formation is confirmed on its weekly scale, as the index is exhibiting signs of a "Channel Pattern" breakdown on its weekly scale shortly. Slippages below 22180 would be a confirmatory sign of resumption of bearish momentum during the week.

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