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Yesterday’s rebound helped the index to register a close back above its 5-day EMA but its 20-dayEMAat18166 acted as a resistance. Breakdown from a ‘Bearish Flag Formation’ would be negated oncetheindexregisters a close above 18180 level. Until then remain cautious on pullbacks. Both trend strengthindicatorsremain weak as RSI is still trending lower below its 50 level while ADX moves higher towards 38; complimenting the bearish trend to continue. Short term traders to remain extra vigilant whiledeployingshorts with volatility expected to rise; higher pullbacks should be utilised to deploy shorts until afirmreversalformation is evident at least on its daily scale.

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