The Index gaped up but could not sustain above 6150. The fact that even a feeble relief rally was not on tells us that the market participants are not willing to put any risk on trade before the FOMC (US Fed) outcome. The Index just held on to the Fibonacci support of 6110 (day's low was 6109.8) indicated yesterday, at least for the day.
For tomorrow (30th Jan), again 6110 - 6100 is the support, breaking which the index can slide to 6060 - 6050. If the Fed outcome is more than the already discounted figure we may see 5972 (our outside target for week envisaged on Sunday, 26th Jan). Expiry will add volatility and could arrest major slide.
Any up move has 6160, 6190- 6200 - 6220 as resistance.
Disclaimer: Views expressed though Technical in nature are bound to change dynamically during market hours on dominant crowd behaviour. Loss of Capital is substantial in Derivatives / Indextrading.
For tomorrow (30th Jan), again 6110 - 6100 is the support, breaking which the index can slide to 6060 - 6050. If the Fed outcome is more than the already discounted figure we may see 5972 (our outside target for week envisaged on Sunday, 26th Jan). Expiry will add volatility and could arrest major slide.
Any up move has 6160, 6190- 6200 - 6220 as resistance.
Disclaimer: Views expressed though Technical in nature are bound to change dynamically during market hours on dominant crowd behaviour. Loss of Capital is substantial in Derivatives / Indextrading.
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