Support – 6119, 6082, 6054
Resistance – 6176, 6216, 6245
Failure to sustain above 5-SMA at 6136 followed by drop below daily low of 6125 would open doors for a re-test of critical support at 6082 (100-SMA). On the higher side, strong hurdle is noted at 6176 (200-SMA).
On larger scheme of things, bears appear in control given the index is trading below 200-SMA. Bearish invalidation is seen if index closes above 200-SMA, while bulls would come back if prices re-enter rising channel.
Resistance – 6176, 6216, 6245
Failure to sustain above 5-SMA at 6136 followed by drop below daily low of 6125 would open doors for a re-test of critical support at 6082 (100-SMA). On the higher side, strong hurdle is noted at 6176 (200-SMA).
On larger scheme of things, bears appear in control given the index is trading below 200-SMA. Bearish invalidation is seen if index closes above 200-SMA, while bulls would come back if prices re-enter rising channel.
