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Despite the index advancing above its 5-DEMA support level for more than 22 trading sessions in a row the occurrence of an ‘Inside Bar pattern / Doji candlestick formation’ indicates indecisiveness at higher level. The immediate range of 24400-24200 looks like a NO TRADE ZONE until the index oscillates within the same. On the higher side the channel pattern target is placed around 24560 while 5 DEMA support is now at 24240 any decisive close outside this level would attract directional momentum play. Both of its relative strength indicators are diverging. The RSI is going higher near its overbought zone, and the ADX has begun to trend above its 25 zone, which is an important indication of extending strength. An immediate band of 24500–24200 itself is shown by weekly option data. A breakdown below 24040 from this point on would be crucial and might cause a shift in the trend in addition to a loss of bullish momentum. Expect the index to keep rising gradually in the direction of 24560 until then. It is advisable to exercise caution while chasing any breakout trades due to the significant sector rotation moves that have been occurring over the past several days. For intraday moves, the buy on dips technique is still beneficial as long as the index closes above its rising 5-day moving average

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