·         The index opened on a positive note and remained volatile yesterday. The Index posted a high of 427pts, a low of 40pts and concluded with a gain of 353pts to settle at 43,720pts level. The volumes witnessed during the last trading session were slightly higher than the previous trading session. The current value of the RSI is 42.59 which is below the neutral level. Volume flowing into and out at a relatively equal pace (neutral).

·         The chart formation depicts that the index may find initial support near 43,600. A break below mentioned support can result into further weakness towards 43,300 and 43,100pts level. Alternatively, the index can face resistance near 43,900pts initially and then head towards 44,200 and 44,500 area. It is recommended to accumulate positions on weakness and trade with a cautious approach.

Courtesy – AKD Research