Short-term bullish bias
Key levels: downside: 11625 / upside: 11740

The index is making another attempt at the March high of 11825. Yesterday’s opening gap was a strong sign that the bulls still have enough faith to push higher. However, we may see stiff selling pressures near the key daily resistance ahead.

This leaves only windows for short-term opportunities. On the 4H chart, the index broke above the 11620 resistance and is now hovering under the RSI over-bought zone. There could be a pullback in the short-term but the bullish sentiment would remain intact as long as the MAs hold well. On the hourly chart, the RSI is receding from 70 and we can expect a local consolidation before the next move.

An extended rally could send the index to 11740 while 11625 is the downside risk if the support fails to hold.

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