The index failed to sustain above 21500 which indicates a lack of buyers. The index also closed below the lower end of the trend channel, a 125 point discount in Futures and a bearish engulfing pattern on the daily chart (on 24th June, last week) signal a heavy correction in the coming days.
On gap down, the levels to short would be at 21200 for a target of up to 20900. If 20900 is breached, the index may fall further down to 20500 -20000.
On gap up/flat opening, a strong buying spree in the first hour should confirm a continuation of the uptrend until 22400. The bullish trend should hold true even if the index goes flat throughout the day but closes above 21600.
On gap down, the levels to short would be at 21200 for a target of up to 20900. If 20900 is breached, the index may fall further down to 20500 -20000.
On gap up/flat opening, a strong buying spree in the first hour should confirm a continuation of the uptrend until 22400. The bullish trend should hold true even if the index goes flat throughout the day but closes above 21600.
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