The index covered almost all the losses made on Monday in the past two days, after testing 22200|22000 multiple times. So, a resumption in further correction has been negated for the time-being. However, a resumption of bull market will only be confirmed if it manages to breach 23000. Likewise, a breach of 22200 again would lead to a major correction. Since the week has shown volatility both ways, there are ample chances of the index ending flat on expiry with 22500 acting as Pivot, +/- 200 points.
LONG, if the index opens with a gap-down and takes support @ 22400 for targets of 22700|22900|23080|23250. In case of a gap-up opening, see if the index takes support at 22650-22700 before taking a long position.
SHORT, if the index opens with a gap-up, rallies but shows weakness @ 22900. In case it is unable to breach 22700, one can short at the level too for targets of 22500|22400|22350. In case of a gap-down opening, see long strategy mentioned above. If the index sustains below 22400, there will be a correction to 22200|22000.
LONG, if the index opens with a gap-down and takes support @ 22400 for targets of 22700|22900|23080|23250. In case of a gap-up opening, see if the index takes support at 22650-22700 before taking a long position.
SHORT, if the index opens with a gap-up, rallies but shows weakness @ 22900. In case it is unable to breach 22700, one can short at the level too for targets of 22500|22400|22350. In case of a gap-down opening, see long strategy mentioned above. If the index sustains below 22400, there will be a correction to 22200|22000.