After taking an all important support near 15700 levels around Mid May, markets seemed to have embarked upon an up trend for which the 200 DMA could act as an important resistance level to see if we can witness a further move on the upside. We have seen the markets making Lower Highs around – 19 Oct 2021 , 18 Jan 2021 , 05 Apr 2022. From this perspective, 17800 – 17900 levels also become an important resistance point to decide the fate of this long period of consolidation. All indices closed in green with the Smallcap 250 Index leading the charge at (+3.56%). A further move on the upside will bring the drawdowns in the benchmark indices under 10%.
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