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Below is Quote on Market Outlook By Mr. Tirthankar Das, Technical & Derivative Analyst, Retail, Ashika Stock Broking Ltd

On the technical front, Nifty  formed a small negative candle on the daily chart with minor upper and lower shadows resembling closer to a Doji kind of pattern reflecting rangebound action in the market.  Hence one can expect consolidation in price action to continue with sturdy hurdle at 17500. Momentum oscillators are witnessing overbought levels but no signs of exhaustion can be seen yet, the indicator though  has flatten during the period. On the downside the psychological level of 17000 which further coincides with the 200dma would be the immediate short term trend deciding level for the market. On the upside the elevated target level for Nifty is around 17500 (being 80% retracement of two-month decline (18100-15183). Hence, during the day Index is likely to open on a negative note with crucial support level at 17200-17225, breach of which can drag the Index further lower towards 17070.

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