By a staff reporter: After Black Friday’s huge fall & as a continuation of that market started the day on a negative note setting morning low at 16782~ & then recovered. Then Nifty gave a range bound move with high volatility & finally settled at 17054 up by 27 points .
Nifty formed a Doji candle with a long lower shadow on the daily scale, which indicates buying interest at lower zones but it has been making lower lows for the last three sessions.
Yesterday initially within 1st 15 mins of trading low fixed around 16800, which one is crucial down side level for coming sessions breaking lower side immediate range 16900 and then High made at 17161facing hurdle at 17170.
For traders the following figures should be kept in mind.
On the downside :-
Below pivot 16999 - 16965 ( front support).
Bears need to sustains below 16965 for a move back to 16920/16888 & then only for extended basis –16850 & 16800.
Below that Gap support range 16765-16722. Retracement support 16692 & 150DEMA sup 16636.
Therefore 16600/500 swing basis possible.
On the Upside :-
Above 17110 – 17140 then 17173/200 will be acted as immediate Resistance.
Any pull back rally may fizzle out around that higher levels.
Bulls need to move above 17173/200 for a move towards 17262 & 17304.
Bulls should cautious at each and every higher ends.
Positional basis wide range – down side 16700/600 & upside 17400/500.
*India Vix closed flat at 20.83. H: 23.82 L: 18.89.
Source : Eureka
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