The index experienced a sharp correction from higher levels, and the resistance at 19800 is acting as a significant barrier for the bulls. However, the bulls are attempting to defend the index from lower levels and prevent further downside. If the index breaks below the support level of 19550, it may indicate further correction towards the 19400 levels, suggesting continued bearish sentiment in the market.The current trading range for the index is between 19550 and 19800. A break on either side of this range will likely lead to trending moves in the market. Traders should closely monitor the index’s price action and be prepared for potential trading opportunities based on the breakout direction.
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November 15, 2024