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Strong opening cues despite below average rollover action into the May series may push the index towards theupperendof its ongoing oscillating range of 17420-16840. Cluster of narrow ranged bodies near the 200 DEMA support zoneprovidessome meaningful evidence to conclude a stable base; but confirmatory close is mandatory. Expect headwinds toremainstrong until the index rests below 17400 while 17000-16900 clearly stands as a strong base of this oscillating range. Bothindicators are still in their respective neutral-negative zone & a dynamic move unfolding could change their course. Sinceweexpect the index to retain its oscillating move within the range its ideal to refrain from building aggressive bets oneitherside. Traders are advised to maintain a balanced long short strategy going forward into the truncated week &await forarange break outside 17440-16820 for pushing through the throttle for directional momentumbased strategies.

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