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Index remains oscillating within the range of 17380-16820 zone. The oscillation may continue as boththetrendstrength indicators remain neutral to negative while there is no sign of any price reversal or breakdownontheabsolute price scale. Options data indicates 17200-173000 to remain a key resistance zone for theweekwhile16800 looks like a decent support. 17000 to act a median level for this week’s oscillating range action&hencetraders are advised to retain long short strategy into the truncated week & wait for a range break outside17380-16820 for pushing through the throttle for directional momentum based strategies.

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