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Index continued its bullish momentum from last week as it heads towards the multiple resistance zone of 17520-17650. Theupperendof the pattern is placed around 17600-17650 which could act as a supply zone while the pattern support remains decliningat 16600. Though the headroom towards 17650 remains open; there are multiple hurdles starting with 17520 (200 DEMA).Its daily oscillatorsareplaced well for an extension of the ongoing pullback move within the broad channel pattern. Option data for the truncatedweekindicates immediate resistance around 17500 which could be pushed further towards 17700 being the highest OI concentration. While17400 & 17300 remain, the key supports for this week & are expected to hold the base well. Being a truncated week coupledwithakeyevent (RBI Policy announcement) it’s ideal to remain cautious & focus on sector rotational moves for short termtrading. Investorsontheother hand should continue to focus on relatively stronger sectors & stocks which did well during the last 4-6 weeks to retaintheirrelative price outperformance.

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