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Sequence of ‘Inside Bar’ formations within the trading range of 17780-17340 is an early sign of maturing consolidation.Aneither side breakout would be evident in the coming week which should reinstate directional momentumplay. Bothtrendstrength indicators are falling gradually; ADX falling back towards 25 with RSI back below 60 is not complimentarysign.Derivative data indicates a much wider range with Highest CE OI concentration at 18000 while Highest PE OI concentrationat 17000 itself. The most active strike is 17600 which should be monitored carefully to gauge the early part of theupcomingwave. Global markets still oscillating lower while declining crude which is the only positive indicator for emergingmarketsalong with consistent buying from FII’s which may keep the hope alive for a move towards 18300. Ideal to remain cautious even during this week & maintain a trailing stop at 17320 for existing longs.

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