8-Hour Analysis:
Big Picture: The ranged-bound activities continue to hold as we head for the 2023 yearly closing. Despite maintaining a strong momentum, bulls have refrained from triggering any hyper moves in the recent days. Therefore, the range remains valid and essentially holds between the levels of 44,700 to 40,250. Volatility could stay high throughout the session and over the next few days.
On the Upside there was a push beyond the resistance levels of 43,165 to 43,285; however, trendline resistances higher were able to limit that move down and swiftly let in intraday profit-taking. The session will witness first resistances at 43,165 and 43,285 once more. However, there is substantial resistance from the trendline levels between 43,415 to 43,620. If bulls can convincingly break over the trendline levels, the upside is likely to be sustained.
On the Downside during the last selling phase, the EMA-50 provided significant intra-day support, not only halting the selling but also allowing for a reasonable intra-day rebound. However, that support has weakened and is under strong pressure. Furthermore, the EMA-50 almost coincided with the Mid-Point level, which is now under significant test and pressure. Meanwhile, it is still holding, but sellers will get a short-term advantage if they can break through the 42,450 mark.
