The 4216 support proved to be no match for the heaving selling during the 1st hour of trading with the ZZ 1001 shedding 0.69% on the day. The ADX is weakening, with the MDI halting its move away from the PDI indicating that there may be a pause in this downward move and the market may be due for a reversal. The quicker RSI (6) is almost touching the oversold territory, which may give cues for speculators to start accumulating longs. However, as the gap set on the 5th has not been filled, one should accumulate cautiously as another dip will bring the 1001 lower to the 4180 level.
