The Index is trading in a range near the Resistance Zone. The Index is consolidating between 6650-6390, we need to wait for the Index to break beyond this level, if the Index is able to break on either side, according to that we will suggest taking a position.

If the breakout is on the upside the Index has to close above 6650, wait for one candle to close above this level, if it is able to close above the mentioned level start buying.

If the RSI is trading above 73 ignore the breakout.

If the breakout is on the downside the Index has to close below 6390 levels, wait for one candle to close below the level, if it is able to close below the mentioned level start selling.

FR40

Apr 16 2022