Big Picture: The aggressive Bearish price action returned as Bulls failed to captivate the opportunity. The loss of the 40k barrier was an intra-day setback that opened up a large drop to 38k. Meanwhile, the downside might possibly be prolonged to levels of 37200 and 36640. However, unless 42500 is recaptured, any advance near Intra-Day resistances will draw selling pressures.
On Upside first strong level of resistance will be observed at 39600 level followed by second intra-day resistance around 40500. Stronghold above 40500 leads towards 41100 followed by 41950. However bulls need to reclaim 42500 in-order to negate this aggressive selling spree and once again re-test 44500 levels.
On the Downside primary level of support for the day is found at 38100. However losing this would open first intra-day support at 37200 followed by 36600 levels. These levels are likely to attract partial short-coverings. Furthermore, 35500 remains to be an important daily based support level that needs to hold. Stronghold below this will open 32800 once more followed by Range-Lows.
