Momentum studies are , are sharply lower. But are approaching oversold levels so caution advised.
weak below 50 levels and biased lower with room for further downside.
We see -ve DMI dominance, is rising which supports current downtrend.
We see scope for test of 100-DMA at 8934 levels. Violation there could see further weakness.
On the flipside, breakout at 20-DMA at 11989 invalidates bias.
Support levels - 8929 (100-DMA), 7244 (78.6% Fib retrace of 4736 to 164557 rally), 5979 ( 200-DMA )
Resistance levels - 11020 (5-DMA), 12000 (20-DMA), 13670 (Dec 27 high)
Good to go short on rallies around 10200/10500, SL: 11200, TP: 9200/ 8900/ 7250