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The narrow-ranged sequence got distorted by a sharp price decline on the final day of the week. Thesingledayprice move almost engulfed 4 days of its prior days up move. With both its trend strength indicatorsstill intheirrespective overbought state any uptick in price could attract further distribution pressure whichcouldpushtheindex back to its 20 DEMA zone near 17340. 17780-18130 remains a distribution zone wheresupplypressurecould remain significant leading to robust stock & sector rotational moves. It’s ideal to remaincautious, reducetrading positions & deploy a hedge-based approach until a meaningful price & time correction is witnessed. Sincethe index has managed to breach below its 5 DEMA zone the net significant support base for theshorttermremains at 17340.

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