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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 is at the verge of a breakout. Withits trendstrength indicators diverging its likely that the Index could drift marginally lower towards the final support zonearound16915-16820 for this week. Derivative data for the expiry week indicates 17300 to remain as a resistance whileanyfurtherunwinding in 17000 strikes could see a drift towards 16800 instantly. For today the most active strikes remainat 17200&17000 itself. Technically, for the rest of the week it looks like 17300-17285 has become a strong resistance as anyrecoveryabove 17170 could find headwinds around the same. While a probable swing reversal or a cool-off in ongoingbearishmomentum could be expected once near the support band of 17000-16820 & nothing beyond it. It’s ideal toremaincautious, reduce trading positions & deploy a hedge-based approach until a meaningful price & time correctionisconcludedduring the upcoming weeks.

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