Technical Analysis Summary Trend Overview The index is following a medium-term bullish trend, contained within a well-formed upward sloping parallel channel (marked by white lines). It recently rejected from the upper boundary around 126,700, indicating resistance at that level. Current Price Action Currently trading between CPR (Central Pivot Range) levels: 122,365 – 121,640 A new bullish trendline (blue line) has formed, aligning with the overall bullish channel structure. Immediate resistance: 123,480 Key resistance above: 124,835 Support Levels Immediate support: Lower Band (LB) of CPR at 120,910 If 120,910 fails, next support is: Trendline support: 119,770 Further support: 116,290 Indicators Analysis Volume 203.25 million shares, higher than the previous session, indicating strong participation. Volume decreased during the pullback, suggesting the dip was not caused by aggressive selling – potentially bullish. RSI (Relative Strength Index) RSI: 57.99 – still neutral to bullish. Not in overbought or oversold territory. RSI above 50 supports a bullish momentum. A drop below 50 would suggest a bearish shift. MACD (Moving Average Convergence Divergence) MACD line and signal line are flattening, indicating possible consolidation or sideways movement. Histogram declining = momentum is cooling. No clear crossover (bullish or bearish) yet. Suggests watch-and-wait approach until breakout or breakdown of: Support at 119,770 Resistance at 123,480 Conclusion The bullish structure remains intact, but near-term signals indicate momentum weakening. Traders should closely monitor: Breakout above 123,480 for bullish confirmation. Breakdown below 119,770 for bearish shift.