Market View — Technical
The index opened on a positive note and remained volatile throughout the last trading session. The local bourse posted a high of 354pts, a low of 420pts and concluded with a loss of 334pts to settle at 57,063pts. The volumes witnessed in the last trading session were slightly better than the previous trading session. The Index closed below the upper band by 11.1%. Bollinger Bands are 158.20% wider than normal. The large width of the bands suggest high volatility as compared to the normal range. Daily RSI(14) is currently showing a reading at 88.29.
The chart formation depicts that the index may find initial support near 56,800. A break below mentioned support can result into further weakness towards 56,500 and 56,100pts level. Alternatively, the index can face resistance near 57,300pts initially and then head towards 57,800 and 58,300 area. It is recommended to trade with a cautious approach and accumulate positions on weakness.
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