Technical Outlook and Chart Setup:
The structure remains same as last week. It is pretty clear that until the time prices stay below 1600/20 levels, we should expect a bearish breakdown. Immediate resistance is placed at 1600.00 level for now, while support comes in at 1540/50 levels. It is recommended to trade/sell intraday rallies towards 1590/1600 for an expected breakdown.
Trading Recommendations:
Hold on to short positions and sell intraday rallies as close to 1600. Target Open.
Good Luck!