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Yesterday’s respite allowed the index to stabilize near its 78.6% Fibonacci retracement support at 23,600, forming an ‘Inside Bar’ candlestick pattern indicative of consolidation around the 200 DEMA zone. The index closed near this critical support, signaling a possible pause in momentum. While consolidation near 23,600 is expected, sustained movement above this level could propel the index toward its next targets of 24,260, 24,500, and 24,850. Immediate support is placed at 23,600, with a deeper cushion around 23,360. Options data indicates a revised trading range of 24,000–23,300, with 23,700 serving as a pivotal level for momentum shifts. Traders are advised to exit long positions if the index posts consecutive closes below 23,600 and re-enter longs only above the 24,000 mark. Volatility may persist as the results season unfolds this week, adding a layer of caution for market participants.

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