By a Staff Reporter: Day before yesterday’s bouncing recovery after 5 days consecutive fall from 18200 to 17200 <1000 points > yesterday fizzled out from 17600 i.e. 38.2% pull back retracement hurdle of that fall erasing most of the gain but fall restricted from crucial 17340/50 level & closed at 17415.Day to Day basis down 88 points or 0.50%.
Nifty formed a bearish candle on the daily scale but negated its lower highs-lower lows formation of the last five sessions.
On the Upside :-
As per daily chart, the index failed to sustain at the higher territory i.e. 17600 and moved lower again, which indicates weakness in the coming session as long as stays below 17600/630 which is the immediate resistance. More strength only above 17600/630 then expected next barrier 17712-17777.
On the Down side :-
Immediate support at 17330/300 but base support at 17200 which is recent bottom & important one.
17200 is not only psychological one but also from technical point of view as per weekly chart it is very crucial 20 Weeks simple moving average life line support. Swing basis as long as holds 17200 bulls are safe but any decisive break of that indicates more bear strength. Swing support 17140 -17077.
As today is monthly expiry of November series of F&O segment so volatility will be there.
For Intraday basis :-
Negative below 17363
for a move towards 17338—17320—17298.
Extended basis 17270—17244.
Positive above 17457 < that is also whipsaw area > for a move towards 17477—17510 -17534.
Extended basis 17570--17600.
The Option Table data indicates decent support at 17300 and reasonable resistance at 17600.
India VIX closed at 17.09 day to day basis down 0.92 points. S-14 R -20.
Source : Eureka
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