Daily RSI (relative strength index) has still been stable above 50; however, it is unable to move past its signal line that could attract upside momentum. We expect the index to retain itself within the range of 11,660-12,140 for few more weeks. Hence, mean reversion action is likely to exist inside the said range. Traders are advised to maintain long short strategy within the said range until meaningful breakout or pattern and volume confirmation is visible in the coming sessions.
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