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Profit booking pressure continued on the indices as sentiment dampened across the globe due to the overhang of USdebtceilingnegotiation. On its daily scale a post a narrow-ranged body formation away from its short term average the index sawfollowthrough decline towards its 5 DEMA support level placed near 18150. Its daily RSI has displayed a positive crossover whileADXisflat, hence the ongoing momentum may only fizzle out in case the index drops below 18130 from hereon while thetrendstopstillremains at 18060.The probability of a 3-point RSI-Price divergence still remains valid as data still indicates a likely final legtowards18480-18600. Option bounds are well placed at 18500-18200 itself with 18300 still being the midpoint. Unwinding outsidetheimmediate range of 18300-18200 would lead to a directional momentum play throughout the session. Traders should continue to hold their longs until 18060 is not violated on a weekly closing basis. On the flip side the zone around 18480-18600lookstoughfornegotiation & could see more supply pressure in case the up move unfolds during this week itself.

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