Markets witnessed a gap down opening, in the wake of weak global cues and selling intensified in the later half of
the session, which led the indices to close near days low. On the daily chart, we are witnessing that for last four
trading sessions indices have remained stuck in the range of 16129 / 4800 on the downside and 16552 / 4950 on
the upside. Now a decisive breakout or a breakdown on either side would indicate the direction of the trend. If
indices trade below 16129 / 4800 levels then it is likely to test the prior low of 15982 /4766 and 15832 / 4700
levels. On the flip side 16552 / 4950 remains an important resistance levels and any breakout above those levels
only would certify further upside momentum. opening, in the wake of weak global cues and selling intensified in the later half of
the session, which led the indices to close near days low. On the daily chart, we are witnessing that for last four
trading sessions indices have remained stuck in the range of 16129 / 4800 on the downside and 16552 / 4950 on
the upside. Now a decisive breakout or a breakdown on either side would indicate the direction of the trend. If
indices trade below 16129 / 4800 levels then it is likely to test the prior low of 15982 /4766 and 15832 / 4700
levels. On the flip side 16552 / 4950 remains an important resistance levels and any breakout above those levels
only would certify further upside momentum.
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