However, if the index remains below the level of 18,325, it indicates a time-wise corrctive phase with a negative bias. In this case, the index may continue to trade in a sideways manner for a certain period, without showing significant price movements. The support levels to monitor in this situation would be around 18,000 and 17,800.
Traders are advised to adopt a sell-on-rise approach, meaning they should consider selling the index when it experiences upward price movements. To manage risk, a stoploss of 18,500 on a closing basis is recommended. This will help limit potential losses in case the index moves against the anticipated correction.
On the other hand, investors are advised to exercise patience and wait for the correction to complete before initiating new positions. Once the correction phase concludes, investors may find opportunities to accumulate the index near the mentioned support levels. It is important to note that the short to mid-term trend remains bullish on the charts, indicating that the overall market sentiment is still positive despite the expected correction.