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Several technical indicators, such as the Relative Strength Index (RSI), Moving Average Convergence Divergence (MACD), and Stochastic, are displaying a negative trend, further supporting the bearish outlook for the index. On the downside, support levels are expected to be around 12,000, 11,800, and 11,700. If the index were to trade at or below 11,800 on any given day, it would present an opportunity for investors to consider buying the index for short-term gains.
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Disclaimer: Ravi Nathani is an independent technical analyst. Views expressed are personal. He does not hold any positions in the Indices mentioned above and this is not an offer or solicitation for the purchase or sale of any security.