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Narrow ranged candles on its daily scale within the oscillation range of 17840-17540 is a sign of consolidation. Yesterdays priceactionwas also conceled within its 5 & 20 DEMA zone range standing at 17750-17690 which could act as a resistance zone for theday. Onthebroader scale the prior waves intensity of the decline from18096 to 17500 remains critical as index breached & engulfedits 6dayspriceaction within 1.5 days itself sending jitters in the mind of investors & traders.Hence the recovery also should be significant incasetheindex needs to re-counter the move towards 18100. On the oscillator front both its trend strength indicators are displacednowwithRSIhovering at 53 while ADX has fallen below 25 which indicates lack of conviction for a follow through up move. As per the weeklydatasetit looks like a ranged price action within 17840-17540 zone wherein traders should refrain from building aggressive positions oneitherside during the week & wait for more clarity to emerge post this weekly close. A follow through close above 17840 couldevoketheupside move towards 18210 ; while a sustained closing below 17400 would only distort the larger picture which could pushtheindextowards 17000.

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