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Breakdown from a ‘Bearish Flag Formation’ indicates an approx. price target around 17550. The current data still supports the fact that the psychological support around 17500 would come under jeopardyduetoitsclose proximity to its 200 days EMA level of 17485 which could be marked as key support zonefor theongoing bearish move. Both trend strength indicators remain weak as RSI remains trending lower belowits40 level while ADX moves higher towards 38; complimenting the bearish trend to continue. Short termtraders to remain extra vigilant while deploying shorts with volatility expected to rise; higher pullbacksshould be utilised to deploy shorts until a firm reversal formation is evident at least on its dailyscale.

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