The index tested 22200 making a double bottom and closing back above the lower end of the trend line from Thursday's low, and at the upper end of the trend line from last week Friday's high - led by FIIs buying for the second day in a row. A closing above 22500 (Pivot), together with a positive stochastics, signals a further up-move in the coming week. A minor gap-up opening on Monday should breach the immediate upper trend line and will push the index to test 23000.
Perhaps 22200 will serve as the bottom for the near term.
LONG, if the index opens with a gap-up and sustains above 22550-22600 for 22700|22900|23080. In case the index manages to sustain above 22900 (critical resistance level) on Monday, it will resume its upward journey towards 23080|23200|23300|23500. Ideally, one should look to go long around 22450 if the index tries to test 22400 and sustains above it.
SHORT, only if the index breaches 22200 (critical immediate support level) for 22080|21930|21600 and ultimately 21400.
Perhaps 22200 will serve as the bottom for the near term.
LONG, if the index opens with a gap-up and sustains above 22550-22600 for 22700|22900|23080. In case the index manages to sustain above 22900 (critical resistance level) on Monday, it will resume its upward journey towards 23080|23200|23300|23500. Ideally, one should look to go long around 22450 if the index tries to test 22400 and sustains above it.
SHORT, only if the index breaches 22200 (critical immediate support level) for 22080|21930|21600 and ultimately 21400.
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