With the benchmark index having gapped down almost 1.3 percent, the tone for the day seem to be set. The first trades in the index suggest the selling pressure is likely to continue and market may look for any positive cues from Europe opening. As of now the index seem to be headed to breach 17000 and may test 16986/16972. If buying comes in at those levels it is possible for the index to close above 17100. If buying support do not emerge at the levels mentioned, index may test 16870-16880 levels.
Disclaimer: The analysis provided is for educational purpose and the author does not assume any responsibility for the trades initiated based on the analysis. Consult your financial advisor before making any trades.