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Pullback towards 17000 zone post the breakdown below 16820 provided enough room for deploying fresh shorts as index closedthesession at its days low. A blip below its previous day swing low & the index should cruise its way towards its 61.8%&78.6%retracementzones ( 16630 & 16230 respectively). Trend strength indicators remain weak as RSI breaking down below 40 is yet far away fromitsoversold zone while ADX is about to cross its 25 zone. Both indicators too warrant further room on the downside. Options datasawastrong range shift towards its lower range as 17000 is expected to act as strong resistance zone while 16500-16200 shouldprovidesomesupport in the upcoming weekly series. PCR near its extreme of 0.73 may provide some cushion & a temporary relief for today&hencefresh selling once PCR hits below 0.60 mark is not advisable. Positional basis with the breakdown in place its ideal to retainshort positions until an oversold situation is not witnessed or a firm reversal formation occurs on its weekly scale. 17138 fromhereoncouldbeviewed as a stop loss zone for gauging a reversal strength if any while slippages in the coming week are expected to pushtheindexfurther lower towards 16500-16225 (78.6% retracement zone of its prior impulse) .

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