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Despite slipping below its previous days low of 17820 the index closed the day above it ; keeping the range propertiesintact.It formed yet another narrow ranged body near the support zone alongside the ‘ Doji’ & Engulfing Bearish formation. Pattern clusters denote a no trade zone within 18130-17820. An either side breakout from the same could dictatethetrendof the final leg ahead of the big event day. As of now both trend strength indicators are advocating weakness topersistasADX continues to trend higher near its 40 level while RSI is still lower below 50 & heading towards its oversoldzone. Ongoing breakdown from a ‘Bearish Flag Formation’ would be negated once the index registers a close above18180level.Until then remain cautious on pullbacks. Short term traders to remain extra vigilant while deploying shorts withvolatilityexpected to rise; pullbacks should be utilised to deploy shorts until a firm reversal formation is evident at least onitsdailyscale before hitting the expected target zone near 17550.

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