Summary:

• In weeks gone by, the Index is down by 1.12%. The index is reacting from the weekly resistance band and bearish engulfing pattern. The current week’s weak candle indicates a bearish continuation sign.
• The index has formed further negativity as the Index has moved below the recent support of the 17500 level. It indicates short-term weakness.
• The index is likely to remain under pressure as far as sustains below the 17500 level. On the downside, the Index has immediate support at the 17170 level.
• From a sector perspective, financial stocks show weakness whereas FMCG stocks show strength.

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