Last close: 22,499.75
Observing the trend over the past four trading sessions, the index appears to be encountering resistance at 22,650, and a violation of this level could signal the start of accumulation.
In light of these observations, the recommended trading strategy for traders is to accumulate the index at lower levels. This will enable traders to capitalise on the potential technical bounce and generate profits accordingly.
Last close: 5,563.65
If the index manages to trade above 5,490, there is a possibility of a pullback, as this level would serve as crucial support for the bulls in the near-term. On the other hand, if the index falls below 5,490, it could find support around 5,325, which would provide an opportunity for investors to accumulate this index and its constituents.
Given this, the best trading strategy would be to take a calculated risk by buying at the current market price with a stop loss of 5,490 for traders with higher risk appetite or to wait for the correction to conclude and then accumulate at around 5,325 levels for investors with lower risk appetite.
(Ravi Nathani is an independent technical analyst. Views expressed are personal).
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