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After a remarkable rally of over 600 points last week, the index has slipped below its key moving averages (5, 20, and 200 DEMA), reflecting sentiment-driven weakness. It closed near the 78.6% Fibonacci retracement support of its previous impulse wave around 23,600. While some consolidation cannot be ruled out, the index may progress toward its next targets at 24,260, 24,500, and 24,850 if it sustains above key levels. Immediate support is seen at 23,600, with a deeper level at 23,360. Options data suggests a revised trading range of 24,000–23,300, with 23,700 acting as a critical pivot for momentum. Traders are advised to exit longs if the index registers consecutive closes below 23,600 and to resume longs only above the 24,000 mark. Volatility is likely to persist until the results season begins this week.

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