The price has retreated from its recent peak near Rs 184,743, signalling the beginning of a corrective move after an extended rally. Initial support is aligned with the 50-hour moving average, which overlaps the 23.6%–38.2% Fibonacci retracement band and is expected to act as a short-term stabilizing zone. The broader trend remains supported by the 200-hour moving average positioned around Rs 165,500, reflecting deeper structural strength despite the current pullback.

Multiple Fibonacci levels—Rs 177,392, Rs 172,845, and Rs 169,170—outline the key downside markers within this correction. The MACD has registered a bearish crossover, reaffirming weakening short-term momentum. Meanwhile, the RSI has eased from its overbought zone, indicating a cooling of bullish intensity and allowing the market to unwind some of its recent froth.

Silver futures reflect a similar corrective tone, having failed to sustain their climb above the Rs 184,743 high. Prices are gradually drifting lower, with the 50-hour moving average expected to provide the first meaningful cushion between Rs 177,000 and Rs 173,000—an area reinforced by overlapping Fibonacci retracements. This confluence enhances the probability of near-term consolidation around that region.

Additionally, declining trading volumes point to a reduction in aggressive buying interest following the strong late-November rally. With momentum indicators losing steam and key support zones approaching, the market appears to be transitioning from an overextended advance toward a more measured, technically driven corrective phase.