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Breakdown below the oscillating range of 17380-16820 saw a swift drop towards the 61.8% retracement support zone (16630) of itsprior impulse wave Trend strength indicators remain weak as RSI breaking down below 40 is yet far away fromits oversoldzonewhileADX is about to cross its 25 zone. Both indicators too warrant further room on the downside. Options data saw a strong rangeshifttowards its lower range as 17000-17200 is expected to act as strong resistance zone while 16500 should provide some support intheupcoming weekly series as well. PCR near its extreme of 0.65 may provide a temporary relief & a pullback towards 17000zoneasmaxpain for the day rests at 16900 which could be the probable expiry zone for toxay. With the breakdown in place its ideal toretainshortpositions until an oversold situation is not witnessed or a firm reversal formation occurs on its weekly scale. 17138 fromhereoncouldbeviewed as a stop loss zone for gauging a reversal strength if any while slippages in the coming week are expected to pushtheindexfurther lower towards 16500-16225 (78.6% retracement zone of its prior impulse)

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