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Proximity towards the upper end of the ‘Broadening formation’ with trend strength indicators still diverging is asignofcaution. On an immediate basis a sustained close above 17660 remains a must for the bullish momentumtocontinuefurther else expect another round of corrective action within the on-going broadening pattern. Trend strengthindicatorsarenot yet complimenting each other as RSI retains its trending mode higher while ADX is still below its thresholdzoneof25.Seasonality factor score favours the continuation of bullish momentum as the month of April has only witnessedanegativemonth once since last 10 years where the index registered a negative return of more than 1%. Major optionboundsfortheupcoming weekly series stand at 18500-17500 respectively which may witness a lower shift incase 17400 is breachedintheearly part of the week. Traders are expected to remain cautious with their leverage positions during the early part of theseries until the index rests within the broadening pattern. A breakout above 17660 or a pullback towards 17000wouldserveprecise opportunities to redeploy leverage longs going further as the major trend remains bullish.

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