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‘Doji’ failed to hold the price action higher as momentum drifted the index below 17000. As anticipated the movebelow17000 was swift as it took support at its 200 DEMA zone near 16840 before rebounding back to marginally closenear17000.So far as trend strength indicators are placed its RSI is trending lower back below 50 while ADX is yet to scaleabove25despite the yesterdays sharp nosedive. On its 60 min. intraday scale both the indicators are now placed in their respectiveoversold zone awaiting confirmatory action for reversal. Result heavy week & geopolitical factors would keepprovidingopportunities on the both side; it’s ideal to maintain a long short strategy until the scenario turns fromneutral-negativetoneutral-positive both on the indicators as well as price. Since the price is now approaching a probable price reversal supportzone its ideal to avoid adding shorts once the index scales above 17140 from hereon or a strong reversal patternisunveiledduring this volatile action.

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