Summary:
• In the week gone by Index was down by 1.2%.
• On the weekly chart, the Index has formed a bearish reversal candle shooting star at resistance band and slope of falling trendline followed by hanging man pattern. In totality, it forms a bearish scenario.
• The index has the next best support level at 17150 level. The index will be under pressure below the 17700 level.
• The underlying tone remains negative.
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