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Series of ‘Bearish Belt Holds’ with the declining strength displayed by the RSI compliments the ongoing weakness to continue further. As per derivative data, upside to remain capped around 18200-18500 itself for the current week while a breakdown below 18000 could accelerate the pace of the decline. On a broader note the sideways ranged action to continue within this broad range of 18600-17600 with stock specific action to be witnessed on either side. With the result season progressing well expect volatility to remain on the higher side & profit booking led sector - stock rotation to remain high. It’s ideal to remain cautious & avoid fresh leverage longs from here on for a few weeks until volatility settles. Slippages below its 20DEMA zone of 17950 would result into a quick decline towards the lower end of the range placed around 17600-17500 which remains the only ‘Opportunity Buying Range’.

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