Resistance – 6862, 6900 (trend line hurdle), 6955 (Aug 15 high)
Support – 6779 (Aug 25 low), 6654 (Sep 12 low), 6600
Prices closed above inverse head and shoulder neckline coupled with a bullish break in the daily RSI. This suggests the dips are likely to be bought into and the index is poised to test 6900 handle.
Trend line drawn from Aug 15 high and Sept 2 high comes around 6910 levels. A day end close above the same would open doors for 7K levels.
On the lower side, only a day end close below 5-DMA could yield a fresh sell-off to 6600.
Support – 6779 (Aug 25 low), 6654 (Sep 12 low), 6600
Prices closed above inverse head and shoulder neckline coupled with a bullish break in the daily RSI. This suggests the dips are likely to be bought into and the index is poised to test 6900 handle.
Trend line drawn from Aug 15 high and Sept 2 high comes around 6910 levels. A day end close above the same would open doors for 7K levels.
On the lower side, only a day end close below 5-DMA could yield a fresh sell-off to 6600.
