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Latest reversal formation compliments the ‘Double Bottom’ price pattern characteristics & would gather further confidenceonce the index surpasses the 17660 mark. Option bounds depicts conviction at 17000 base to remain intact till theendofthe series while a minor hurdle remains at 17500 for this week, above which 18000 remains a key OI boundfor themonth.Since its directional strength indicators are still not in sync & remain diverging which is a sign of indecisiveness. Whenitcomes to directional momentum play its ideal to await for a breakout or a further reversal confirmation withintheon-goingoscillation zone of 17540-17000. Strategy for investors remains intact to add longs on every decline with a stopbelow16600as larger structure shows signs of a broad consolidation. While traders are advised to deploy longs &retaintheir buyingstrategy within the oscillation zone as the awaited reversal formation seems to be established on its daily scaleat 16820support zone.

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