By a Staff Reporter: Nifty Spot last cl 17176.70, Today’s gain +264 pts. O:17044 L: 16987 H: 17251 C: 17177
Today RBI Policy, volatile session – trade cautiously.
• Yesterday’s low 16987 – rounded 17000
• Day before yesterday’s low 16891 – rounded 16900
• Previous week low & recent maximum bottom 16782 – rounded 16800.
• Therefore higher bottom & 17000-16900-16800 all are crucial swing based supports.
• Positionally fresh bearishness if breaches 1st 16891 & finally 16782.
• As long as holds 17200-100 dma & crosses 17300 & sustains above that then chances are there to retest 17400 500.
• So, extended wide range is 16800-17500.
• But any pull back rally fails to cross 17400/500 mark & finally further breaks 16900/800 then this time chances are there to test 16400 even 16200 as per current down trend.
On the upside :-
Positive above 17222 & more strength above 17261 for a move towards 17280 & 17333.
Major 17361. Swing based very strong & cautious hurdles are 17411/444-17500.
On the downside :-
Negative below 17150 & more weakness below 17118 for a move towards 17075—17033—17000/16970. Swing based major Support 16900.
Summary :- For bullish move should hold 17120/17070 & sustain above 17222/261 but initially cautious in between 17333-17361 & mainly before 17400.
The Option Table data indicates decent support at 17000 and reasonable resistance at 17500.
Source : Eureka
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