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The much-awaited pullback after a sequence of bearish candles has unfolded well. The reboundfromthelowerend of the ongoing channel pattern formation has also adhered to its time tool sequence as exhibitedintheabove daily chart. The price pullback could extend towards the upper end of the pattern whichis placedaround17880-17940 zone but sustenance above the same during this series looks unlikely. Both trend strengthindicatorsstill remain diverging as ADX continues to trend higher while RSI is neutral to negative so far. Theimmediatehurdle near its 200 DEMA level of 17580 has been crossed with a marginally higher closehenceabullishmomentum stop could be placed at 17470 on closing basis for the current week belowwhichthefailurecouldagain push the index lower towards 17140. Upside remains capped as the move is yet to see anyfreshimpulsecharacteristics.

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