The ceiling of the resistance range, which is b/w 47,200 – 47,500, induced pressure and the market closed with negative numbers. The current chart pattern indicates that another attempt to penetrate through the defined resistance area could be seen.
Should the market pass the level of 47,500, we anticipate that it will rise further towards the next target area, which is defined b/w 47,650 – 47,800. Immediate support is now defined in between 46,974 – 46,889, and the same area also acts as the pivotal support for now.
In case the aforementioned support fails to hold, further price attrition towards 46,780 – 46,660 cannot be ruled out. On charts, as the market is already trading in an area of multiple resistances, defined in between 47,200 – 47,500, the market is likely to remain volatile.
Courtesy – AHL Technical