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Yesterdays rally faced resistance around 17500 zone where the option writers have been holdingtheir positions.As a result the index witnessed consolidation throughout the day. Occurrence of ‘Bullish Harami’ followedbythisfresh reversal pattern elevated the base from 17000 to 17200 for this expiry which seems elevatedfurthertowards the gap support of 17300. Positive crossover of its 5 & 20 dema around the 17288 complimentsthisdevelopment & hence declines still provide a good opportunity for adding trading longs Derivativesdatanowindicates 17200-17300 as a firm base. Unwinding above 17300 would unfold a short covering rally towards17580-17630 eventually (61.8% retracement mark of is prior impulse).Technically, the oscillating range now stands at 17200-17800 & hence retaining existing longs with a stop below 17255 remains a prudent strategy. Buildingadditional longs could be considered as the confirmatory close was established yesterday aboveitsimmediatehurdle around 17300, keeping a stop below 17255 from here on.

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