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Occurrence of multiple spinning top candlestick formations indicates a clear range at 21530-21650 outside which a decisive momentum play could be expected. The latest GAP at 21850-21950 zone now becomes a significant resistance zone for the final leg of the series while support cluster on a weekly basis remain around 21300 & 21000. Options data indicates a wider range of 21800-21000 for the final week of action. A sustained weekly close or a consecutive closing on its daily basis below 21530 would mark the pattern failure of the recent up move which would lead to further price correction. While short covering move could be lethal in case the index immediately swings above the 21600-cluster zone which could push the index higher towards 21800. It is ideal for traders to deploy level-based trades only until the price action confirms further signs of stability. For the week expect an either side breakout from the ongoing consolidation which could dominate the trend for the upcoming series as well.

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