Major support - 5,447 (21 day MA) The index has broken major psychological support at 5500 declined till 5485 at the time of writing. It is currently trading around 5,490. Short term trend is bearish as long as the resis…
The index has broken major psychological support at 5500 declined till 5485 at the time of writing. It is currently trading around 5,490.
Short term trend is bearish as long as the resistance 5,555 (daily Tenken-Sen) holds.
Any break above major resistance 5,555 will take the index to next level till 5600/5625/5,672 (161.8% retracement of 5,431 and 5,041)/5,700 in the short term.
On the lower side, support is around 5447 and any violation below that level will drag the index till 5400/5440.
It is good to sell on rallies at 5500 with SL around 5,555 for the TP of 5400.
