Last close: 5,757.35
The technical indicators, such as the Moving Average Convergence Divergence (MACD), are manifesting negative signals along with near-term moving averages.
Consequently, by taking into consideration all these technical indicators and price action movements, it would be the most astute trading strategy to either maintain a position on the sell side or wait for the ongoing bearish correction to culminate before commencing accumulation at support levels.
Last close: 45,758.10
On medium-term charts, the presence of a consolidation pattern signals that traders should look to book profits or initiate short positions around the resistance level of 46,350. Conversely, once the index drops below the support level of 43,675, traders should consider accumulating positions.
In light of these technical considerations and recent appearance of bearish price action, it would be advisable for traders to take a more cautious approach, perhaps book profits at the current market price and adopting a lighter stance with regard to bullish positions.
Last close: 13,226.05
The recent performance of the index, marked by yesterday's sharp decline, suggests that there has been profit booking by astute market participants, thereby, foretelling a potential underperformance in the near term.
Consequently, it would be judicious for traders to adopt a sell-on-rise strategy or to liquidate their current positions at the prevailing market price.
Additionally, it would be advisable to maintain a stringent stop-loss at 13,550 to mitigate downside risks. The target for the downside movement could be 12,700
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