Take a look at the Daily chart below. Consolidation in the last four days produced a new S&R Zone.
The bulls will either rise above this for a breakout at the Inside Day's high of 46,136 (shown as an orange line) and higher towards 46,258 OR the bears will drop below the S&R Zone for a breakout at the Inside Day's low of 45,468 (shown as an orange line and is also the current mean reversion price) to go down more.
*Suggestion:
Watch price action as it creates market structure in the lower timeframes to get an idea of direction before the interest rate meeting tomorrow.
You can also switch to the Heiken Ashi candles for more clues.
