The massive bull rally closed today with a large sell candle on the hourly chart, with good volume, from 21600 odd levels. There is a minor hiccup at 20900-21000 levels which should serve as pivot point for expiry. If the index sustains above 21000 for some time it can move up to test today’s high of 21600. A decisive move beyond that will take the index up to 22000 where it would have retraced by 38.2% from its low of 16116. If unable to sustain above 20900 the index can move towards 20500, breaching which would take it down to 20150 odd levels. However, Options data suggests that there is a fair possibility of the index closing above 21000 tomorrow. Good luck!
Trade closed: stop reached