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On its daily scale the index is positioned well within the ‘Broadening formation’ & is expected to trend withinthesamefornext few sessions as well. The upper end of the pattern is placed around 17660 which may act as an immediatetargetzonewhile the base looks firm at 17000. Both trend strength indicators are fairly placed with RSI still in positive zone, trendingwell above its 55 mark while ADX is below 25 while its +DI has moved above 30 which is a neutral indication. Seasonalityfactor score favours the continuation of bullish momentum as the month of April has only witnessed a negativemonthoncesince last 10 years where the index registered a negative return of more than 1%. Options data suggest strongput writingaround 17400-17500 strikes while upside to remain capped at 17700. Option pain stands at 17400 which is expectedtoshifthigher towards 17450-17500 for the day. As anticipated a close above 17270 has triggered a strong upmovewithinthe‘Broadening formation’ which is expected to trend higher towards 17660 & could be participated a trail stopstrategybelow17230 from hereon..

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