1-Day Analysis:
Big Picture: For the past few days, the price has been in a sluggish and choppy pattern. Furthermore, the price is still clinging to the important support level of 28,750. This level of support has been tested several times in the past, and each time it has denied any daily closing below it. This support has been in place for the previous 500 trade sessions. However, the time is ticking for this support, as a reaction of this level is required else there is a high possibility of losing this level and falling further.
On the Upside the initial resistance level is 29,450, followed by the 29,900-30,200 zone. Above this, we have another wave of resistance between 30,500 and 30,800. For the previous few weeks, this level has served as the range top, with no follow-on candle closing above it. This makes this level a critical barrier for bulls, who need to maintain a foothold above it to extend the upside into 31,050, followed by 31,850. Holding over 31,850 triggers a powerful rally, first to 32,680 and then to 33,700.
On the Downside the initial support is seen at 29,010. This support, however, is unlikely to last long, therefore substantial intra-day supports are expected around 28,640, followed by 28,200. These are good intraday support levels, but losing them would expose the trade to additional downside, first into 27,700, then 27,475.
