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The week has started on a strong note as the index scaled back above its immediate swing high zone around 18267. It registeredafirmclose above its previous days swing high of 18217 completely negating the ‘Inverse Hammer’ implications on its daily scale. 18340 remains a strong hurdle ahead of 18500 while its critical support for the week stands at 18060 which would lead to a correctivephaseonce below the same. Its daily RSI indicates loss in momentum with its divergence signs & hence a close below 18060 fromhereoncouldlead the index lower towards its weekly pivotal support area near 17840. Hence investors are advised to monitor market movementsclosely for next few days and wait for a clear trend to emerge to add any fresh directional position on either side as we expect thebroader range to remain intact at 17840-18340 for the week. While traders should focus on the 18060 support as a key pivotal level forchange in momentum; but continue to hold longs until the same holds as sector rotation due to earnings momentumremains strong.

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