Major Support - 16500
The index has broken major support 16500 and declined till 16253 at the time of writing.It is currently trading around 16278.Short term trend is bearish as long as resistance 16700 (7 W EMA) holds.
Any break below 16500 confirms minor trend reversal , a decline till 16000/15500 is possible .On the higher side major resistance is around 16700 any break above will take the index to next level till 17000/17300.
The index major support is around 16200 and break below targets 16000/15500.
Short term bearish invalidation only above 17300.
It is good to sell on rallies around 16350-16400 with SL around 16700 for the TP of 16000/15560.
The index has broken major support 16500 and declined till 16253 at the time of writing.It is currently trading around 16278.Short term trend is bearish as long as resistance 16700 (7 W EMA) holds.
Any break below 16500 confirms minor trend reversal , a decline till 16000/15500 is possible .On the higher side major resistance is around 16700 any break above will take the index to next level till 17000/17300.
The index major support is around 16200 and break below targets 16000/15500.
Short term bearish invalidation only above 17300.
It is good to sell on rallies around 16350-16400 with SL around 16700 for the TP of 16000/15560.