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Yesterday’s recovery from its early morning low was on cards as the index had hit its respective oversold zoneonitsintraday time frame. On its daily scale the rebound lacks any pattern significance hence the bounce back may betemporaryled by global market moves. On its weekly scale ‘Dark Cloud Cover’ formation is a sign of exhaustion to weaknesswithintheongoing up move. The pattern would be confirmed once the index registers a close below 18360.On its daily scalebothindicators display lack of strength as RSI continues to drift lower towards its 50 zone while ADX is already placedinitsnegative zone. Occurrence of a ‘Dark Cloud Cover’ formation on its weekly scale needs a confirmatory close belowthe18360 level below which there could be an uptick in bearish momentum as index is expected to remain confinedwithinthe‘Broadening Pattern’ range of 19020-17980.Options data indicates key bounds at 18500-19000 for this week. WithOI PCRswinging from 0.76 at the beginning of the week the odds remain in favour of a bounce back.

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