The index slipped below the recent consolidation range on the hourly chart, suggesting waning bullish momentum.
Besides, the index has fallen below critical near-term moving averages, indicating some weakness in the short-term trend.
However, on the lower end, 24,400 remains an immediate support, and any decline is likely to find buying interest around this level.
The sentiment is likely to remain positive as long as the index sustains above 24,400.
However, the sentiment might weaken upon a decisive fall below 24,400."
View by: Rupak De, senior technical analyst at LKP Securities.
The index slipped below the recent consolidation range on the hourly chart, suggesting waning bullish momentum. Besides, the index has fallen below critical near-term moving averages, indicating some weakness in the short-term trend. However, on the lower end, 24,400 remains an immediate support, and any decline is likely to find buying interest around this level. On the higher end, resistance is placed at 24,600–24,650. The sentiment is likely to remain positive as long as the index sustains above 24,400. However, the sentiment might weaken upon a decisive fall below 24,400."
