Oil price and US Treasury bond yield are rising and there is not much positive news related to peace talk coming from Russia and Ukraine. So there are chances for some kind of consolidation around the current levels. If a crash happens, like the previous 2 times, when a bearish engulfing candle formation was seen, then 16500 will be a crucial level to watch out for.
I am expecting some stock-specific moves even if the index ranges. So exiting ETFs positions and moving into stock-specific swing entries.
If 16500 is broken with momentum then I will be bearish. Until then I expect the market to range and rally as soon as some positive news kicks in.