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Breakout from the upward channel pattern indicates a price target upto 24560 but a confirmatory close is still waited for its confirmation. Both its relative strength indicators are diverging so far as RSI trends higher around its overbought zone while ADX is still lower at 18 with its positive DI coming lower at 32. Option data for the week indicates an immediate band of 24500-24000 itself. Breakdown below 23960 (its 5 DEMA support) would be critical & would lead to loss in bullish momentum. With strong sector rotation moves already unfolding since last few days its advised to remain cautious which chasing any breakout trades while buy on declines strategy for intraday moves remain healthy until the index holds its close above its rising 5 DEMA level. Hence expect momentum to accelerate further once above 24170 towards 24560 where the ongoing trend may witness some resistance. While a pause in momentum would be certain once below 23960.

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