1-Day Analysis:
Big Picture: As the price approached the support levels, volumes improved indicating that bulls were once again active at their levels. The last session ended with a spinning top formation, which was very near to a support level. The candle formation frequently indicates indecision; but, since it has been established near support levels, it may lead to some recovery in the coming hours. As a result, active sellers should exercise risk management during the session.
On the Upside Price did test the resistance zone of 26,250 to 26,500 levels yesterday. Buyers were able to push deeper into this zone, but they were unable to overcome it, resulting in profit-taking. Bulls must exceed this range in order to take on the higher levels. Further short-coverings are going to happen only when the price exceeds this range. Surpassing 26,500 allows the price to target 26,940, followed by 27,125.
On the Downside The session’s initial intra-day support is emerging around the 26,190 level, followed by next support at the 26,000 level. The next wave of intra-day supports are at 25,880 and 25,620 levels, while the weekly support is at 25,810. Currently, the price is being protected by various support levels, putting sellers under pressure to cover their short positions.
