The market has continued to exhibit some instability with support and resistance falling in the range of 30500 - 30200 +/100 and 31800-32400 +/- 100 respectively. While upside channel top rest at 33600 +/- 100.
DoD basis, marginal loss of capitalization can be attributed to profit-taking and MTB auction (link-1, link-2) which sometimes impact equities negatively due to capital shifting. However, continued loss of capitalization is a bearish signal. Otherwise, it shall be regarded as usual consolidation which takes place before the next phase of upwards breakout.
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