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Breakdown below its multiple support zone of 16820 is accompanied with a GAP also breaching belowits 200DEMAplacedaround 16720. Further escalation on the geopolitical front may be detrimental for the equity markets across theglobe. Therecent swing resistance at 17200 would be a critical point of evaluation for gauging the pullback moves whilefurtherslippages below 16000 on an immediate basis could not be ruled out. With India VIX ( Fear Index) closing above30markisnot a healthy sign & warranting towards instability in price action going forward. Its ideal to await for further clarityacrossthe weekend for deployment of any further positions. For the day 16700-16200 could be a trading range with16500asthemidpoint as the indices rebound from their respective oversold zone. Remain cautious & await for cool off involatilitybefore deployment of any folio longs on an immediate basis.

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