The index is expected to be rangebound between 21500 - 21000. A breach and sustenance above/below the levels will add momentum to its move.
LONG, above 21500 for targets of 21750|22080|22250. On sustenance above 21700, 22000 can be tested.
SHORT, below 21200 for targets of 21000|20675. On sustenance above 21000, one can go long for 21500.
* A breach of 20675 (50% fib. retracement of rally from March low) will bring a resumption in the ongoing correction, where it should find support around 20400 - 20000. On the other side, the bull-rally will continue only above 22400.
LONG, above 21500 for targets of 21750|22080|22250. On sustenance above 21700, 22000 can be tested.
SHORT, below 21200 for targets of 21000|20675. On sustenance above 21000, one can go long for 21500.
* A breach of 20675 (50% fib. retracement of rally from March low) will bring a resumption in the ongoing correction, where it should find support around 20400 - 20000. On the other side, the bull-rally will continue only above 22400.