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The weekly closing above 114,100 with a Hammer and higher volumes is suggesting exhaustion from bears. While, looking at Weekly 20-MA, the historical pattern since June 2023 is suggesting that index has found a decent support, as whenever the index has tested the said support, it has bounced by at-least 24%. Moreover, on the Daily Timeframe, the index has honored support of 100-DMA lying at 110,930 and this further supports that a short term bottom is in place, as since June 2023, the index has never given any day’s closing below 100-DMA. Having said that, it is important to note that the bulls have lost a lot of strength and in order to regain the momentum, they need to hold the index above 116,700 for at-least 2 consecutive sessions and that too with higher volumes and without any candle that show hesitation. The support for coming week is seen at 114,100 – 113,680 range with expected bottom at 112,150. While resistance is seen at 115,400 – 116,100 range with expected top at 116,800.
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