The recent bounces above 7DMA have now faced a stiff resistances at 157.178 (21DMA) and near upper trend line.

Daily price slid below trend-line and 21DMA and the buying momentum is suspected from here onwards as RSI & Stochastic oscillators on intraday charts (4H) have approached overbought trajectory and signaling selling pressures.

On monthly plotting, the downtrend has shown more than 50% Fibonacci retracements, so any minor spikes should not deemed as a reversals, instead use those rallies to deploy long term shorts.

Massive volumes build ups were observed on declining prices.

MACD's bearish crossover and since the current prices have slid below 21DMA, we uphold the stiff resistance at  156.200, sloping upper trend-line & 21DMA too.

Current prices well below EMAs despite upswings, 21EMA crossover 7EMA.

We are not isolating this signal, both leading and lagging oscillators indicate selling pressures on monthly plotting.

Trade tips:

On intraday speculative basis, since current implied volatility is very high over 16%, it is good to buy one touch binary vega puts favouring above technical indication.

Alternatively, short term bears can stay short in mid month futures for targets upto 156.180 levels with stiff stop loss of 156.512 levels.