On the technical front, immediate support is placed near 57,300–57,100, coinciding with the 10-DMA, 50-DMA, and the recent breakout zone. Stronger support is seen around 56,400, where the 100-DMA is positioned. On the upside, immediate resistance is located near 58,300–58,500, followed by a stronger hurdle around the 59,000–59,300 zone. The successful reclaiming of major moving averages and the improving momentum indicators suggest the path of least resistance remains upward. Additionally, supportive domestic liquidity, resilient banking sector participation, and improving risk appetite may continue to aid sentiment. As long as the index sustains above the 57,100 zone, dips are likely to attract buying interest, with the potential for a gradual move toward the 59,000 region in the coming sessions.
About The Author
