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Occurrence of a ‘Bullish Hammer’ formation near the anticipated support zone of 17300-17130 could unfoldas agoodsignof reversal. But the trend strength indicators are yet to compliment the ongoing price action as ADX is about tobreakoutabove its 25 zone while RSI is still away from its oversold territory. The bullish reversal pattern will get its significanceonceaclose is established above 17480 zone which will help the price to extend its pullback journey towards the crucial 17590level (200 DEMA). It’s ideal to remain cautious after 7 days of a declining sequence especially when the priceis enteringitssupport zone of 17300-17130. Traders should remain cautious while building further shorts & await for the pullbacktoexhaust. As the major trend remains weak until the index trends below 17880 mark ; opening up a long short strategycouldbe prudent while navigating through such low confidence pullback moves.

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