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The sequence of ‘Inside Bars’ continues as the index remained confined within its previous days tradingrangeof17091-16918. The latest ‘Spinning Top’ formation indicates indecisiveness as the price waits for confirmationoffresh weakness. Both its trend strength indicators continue to remain in their respective negativezonewithRSIdisplaying a bearish signal while ADX continues to trend higher. A fresh breakout on its weekly ADXreadingaboveits 26 level is a strong sign of further weakness. On the price front the ongoing oscillation withinthe15MARtrading range now looks mature for a fresh breakdown which could instantly push the index towards 16770-16600 support zone. On the flipside the indicative resistance remains firm as 17130 which also serves asastoploss level for rest of the week. Hence traders should continue to add further shorts once below16900until afirmreversal is established for an immediate move towards 16600 base supports.

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