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The breakdown below its prior swing low of 17166 with a gap has been established with significant volumes. Onitsdailyscale its RSI continues to drift lower towards its over sold zone while ADX has registered a breakout above its 25level. Withits trend strength indicators diverging its likely that the Index could drift marginally lower towards the final support zonearound 16915-16820 for this week. Derivative data for the expiry week indicates 17300 to remain as a resistancewhileanyfurther unwinding in 17000 strikes could see a drift towards 16800 instantly. For today the most active strikes remainat17000 & 16800 itself. Technically, it looks like 17300-17285 has become a strong resistance as any recovery above17170could find headwinds around the same. While a probable swing reversal or a cool-off in ongoing bearish momentumcouldbe expected once near the support band of 16915-16820 & nothing beyond it. It’s ideal to remain cautious, reducetradingpositions & deploy a hedge-based approach until a meaningful price & time correction is concluded during theupcomingweeks

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