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Narrow ranged candles on its daily scale within the oscillation range of 17840-17540 is a sign of consolidation. Yesterdays price action too was concealed within this ongoing trading with an occurrence of a ‘Spinning Top’ formation. The index has now closed below its 5 & 20 DEMA zone but with a narrow ranged body ; hence the move may not qualify as a prudent breakdown.On the oscillator front both its trend strength indicators are displaced now with RSI hovering at 50 while ADX has fallen below 20 which indicates lack of conviction for a follow through up move. As per the weekly data set it looks like a ranged price action within 17840-17540 zone wherein traders should refrain from building aggressive positions on either side during the week & wait for more clarity to emerge post this weekly close. A follow through close above 17840 could evoke the upside move towards 18210 ; while a sustained closing below 17400 would only distort the larger picture which could push the index towards 17000.

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