The index was unable to breach above its 200 DEMA placed at 10750 levels post bullish hammer candle formation in the previous session. Daily RSI breached below its significant support line and is trading below 50 levels indicates weakness ahead till 10500 levels. With the appearance of a large downside candle post-breach of narrowing pattern on the downside; close beyond 200 DEMA is a requisite for further upside that might test the earlier pattern resistance placed at 10840. A cautious approach is necessary as volatility is expected to expand further on the back of Federal Budget and expiry this week. Traders should be vigilant for basing out formation at lower levels while upside move back inside the pattern above 10840 could accelerate the move on the upside targeting 10950 resistance levels.
To read the full story, Subscribe Now at just Rs 249 a month
Already a subscriber? Log in
Subscribe To BS Premium
₹249
Renews automatically
₹1699₹1999
Opt for auto renewal and save Rs. 300 Renews automatically
₹1999
What you get on BS Premium?
-
Unlock 30+ premium stories daily hand-picked by our editors, across devices on browser and app.
-
Pick your 5 favourite companies, get a daily email with all news updates on them.
Full access to our intuitive epaper - clip, save, share articles from any device; newspaper archives from 2006.
Preferential invites to Business Standard events.
Curated newsletters on markets, personal finance, policy & politics, start-ups, technology, and more.
Need More Information - write to us at assist@bsmail.in