The index has been making consistent upmoves and we could see that each dip is being bought. However the move from 17500 upwards seem to lack buyer participation and since the index is approaching a trend line resistance near 17780-17860 zone we can expect some profit booking or even possible fresh shorts getting added at those levels. As of now there is no indication of a major move in either direction. Important levels for the day and weekly expiry are given below.
Bullish Above 17670
Possible Upside targets - 17760/17780/17840
Bearish Below 17640
Possible Downside targets - 17600/17540/17500/17480
Note: One may look at entering the market with a short bias once market hits the upper targets if price action confirm the short bias
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.
Bullish Above 17670
Possible Upside targets - 17760/17780/17840
Bearish Below 17640
Possible Downside targets - 17600/17540/17500/17480
Note: One may look at entering the market with a short bias once market hits the upper targets if price action confirm the short bias
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.
