The Index is trading in a range at lower levels. The Index is consolidating between 3240-31860, we need to wait for the Index to break beyond this level, if the Index is able to break on either side, following are the conditions which need to be followed.

If the breakout is on the upside the Index has to close above 3240, 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 31860 levels, wait for one candle to close below the level, if it is able to close below the mentioned level start selling.

DJ30

May 16 2022