** PLEASE NOTE THAT ALL LEVELS MENTIONED ARE SPOT **
Good evening! The index broke the immediate trend support channel as well as multiple supports along the way. One of the Fibonacci level stands @ 29082 which should act as a support. A breach of the same will give way to further correction. USDINR might retrace a little tomorrow which would possibly translate to a rangebound market with a positive bias, unless, of course, the market opens with a gap-down below 29000.
In case of a GAP-UP, one can go long if the index trades above 29500 for targets of 29750-29920. Any weakness around 29700/29900 should be a good shorting opportunity for targets mentioned below.
In case of a GAP-DOWN, one can short if the index breaches and trades below 29080 for targets of 28900-28500. Ideally, one should go long if the index seems to be taking support around 29100 for 29500-29750.
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“It is not the strongest of the species that survives, nor the most intelligent, but the most adaptable to change.” – Charles Darwin
Good evening! The index broke the immediate trend support channel as well as multiple supports along the way. One of the Fibonacci level stands @ 29082 which should act as a support. A breach of the same will give way to further correction. USDINR might retrace a little tomorrow which would possibly translate to a rangebound market with a positive bias, unless, of course, the market opens with a gap-down below 29000.
In case of a GAP-UP, one can go long if the index trades above 29500 for targets of 29750-29920. Any weakness around 29700/29900 should be a good shorting opportunity for targets mentioned below.
In case of a GAP-DOWN, one can short if the index breaches and trades below 29080 for targets of 28900-28500. Ideally, one should go long if the index seems to be taking support around 29100 for 29500-29750.
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“It is not the strongest of the species that survives, nor the most intelligent, but the most adaptable to change.” – Charles Darwin