As already explained the Index faced rejection from the Supply Zone/ Resistance Area today, though there were above average volumes but still the index remained range bound and couldn't break the hurdle.
To start its journey towards 1,33,000 level index must break and sustain above the resistance area which spreads from 1,18,700 to 1,20,800.
If index fails to break above these levels in this week, today's range will just act as Up-thrust or Bull Trap and index may revert back to 1,15,000 level.
Cautious buying and adherence to SL levels is recommended
To start its journey towards 1,33,000 level index must break and sustain above the resistance area which spreads from 1,18,700 to 1,20,800.
If index fails to break above these levels in this week, today's range will just act as Up-thrust or Bull Trap and index may revert back to 1,15,000 level.
Cautious buying and adherence to SL levels is recommended
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