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Breakdown from a ‘Bearish Flag Formation’ indicates an approx. price target around 17550. Despite the weaknesstheindexfailed to register a close below its prior week swing low of 17795 as the index bounded back towards the psychological resistance level of 18000. But the current data still supports the fact that the psychological support around17500wouldcome under jeopardy once below 17800. It may also lead to a fall towards its 200 days EMA level of 17485 duetoitscloseproximity; which could be marked as key support zone for the ongoing bearish move. As both trend strengthindicatorsstillremain in favour of bearish trend; pullbacks towards 18130 to remain temporary & fragile. Short termtraders toremainextra vigilant while deploying shorts with volatility expected to rise; higher pullbacks should be utilised to deployshortsuntila firm reversal formation is evident at least on its daily scale.

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