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Occurrence of a ‘Bearish Engulfing ‘formation on its weekly scale is a strong sign of weakness. Onits dailyscalewe observe a cluster of narrow ranged bodies with a base closer to its 200 DEMA level of 17520. Withbothitsdaily trend strength indicators still declining the chances of a sustained up move during the week remainslow.Aclose above 17860 on a sustained bases would negate this bearish outlook while breakdown below17520wouldopen the gates towards an extended move to 17000 base. Outlook for the current week as well remainsneutralto bearish while sector rotational moves could remain robust. It’s ideal to remain cautious while chasinganyintraday longs during the final leg of the April series. Expect index to eventually break below17520(200DEMA)zone which would drag the index eventually towards the mean zone of the ongoing declining band.

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