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‘Spinning Top’ formation at breakdown zone indicates indecisiveness as the price awaits for confirmationoffresh weakness. Both its trend strength indicators continue to remain in their respective negativezonewithRSI displaying a bearish signal while ADX continues to trend higher. A fresh breakout on its weeklyADXreading above its 25 level is a strong sign of further weakness. On the price front the ongoing oscillationwithin the 15MAR trading range now looks mature for a fresh breakdown which could instantlypushtheindex towards 16770-16600 support zone. On the flipside the indicative resistance remains firmas17240which also serves as a stop loss level for any pullback opportunities arising during the week onaclosingbasis.Hence traders should continue to add further shorts until a firm reversal is established above17260ornear16600 base support.

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