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Summary:
• In the truncated week, Index was down by 1.75%.
• The index had reacted from the slope of the falling trendline and breached immediate support of the 17600 level which is a negative development.
• In the short term, the view remains negative as far as the index sustains below the 17670 level and potential downside to the 17170 to 17000 level.
• VIX is also at a support level and Commodities prices are improving after a corrective downside move.
• It can create some pressure on the index.
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