The bears took the yesterday’s rally as an opportunity to enter the market and
applied tremendous force. As a result, index nosedived and pared all its early
morning gains. Looking at the daily chart, the Bollinger band indicator squeezed
and index is trading in a narrow range of 9710 / 9560 hence either ways breakout
or breakdown will trigger directional trading opportunity. Going forward, 9590 will
act as an immediate support any sustain move below this level will confirmed
breakdown from upward sloping trend line on hourly chart in that case the
probability of breaching the lower band of its range (9560) will be high.
