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On its daily scale as expected the index has scaled towards the upper endof itsongoing‘Broadening’ formation. A sustain close above the 17660 remains an immediaterequisiteforcontinuation of its ongoing momentum. Trend strength indicators are not weak as RSI continuesto scale higher towards 70 while ADX is still below 25 with its +DI quoting above33whichisstillaneutral to positive sign. Option data for the week indicates a broad range of 18000-17500with17200-17000 being a strong support zone for the series. Ongoing bullish momentummaybejeopardized incase 17400 is breached; but bullish trend remains intact until 17000baseholds.Hence it is advised to reduce leverage longs incase 17400 is breached; while sustenanceabove17660 during the week could result into an extended move towards 18000 immediately.

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