By a Staff Reporter: Nifty spot prices gained for the second day and settled up at 16955.45 level. Prices formed a Bullish Harami pattern on its daily chart followed by a green candle which indicates bullishness in prices. Nifty’s broader range stands in between 17300 to 16300 level.
For Thursday, the bias is likely to be positive as prices close above 5 DEMA with a strong bullish candle. We expect that prices will move higher from current level and could test immediate resistance of 16990, 17040 and 17105 levels respectively. A break of said level will take prices higher to 17240 level.
On the down side, 16888 level is acting as immediate support and a break of that may take prices further lower to 16815 level which may act as strong support for the day. A break of that may take prices further lower to 16755 and 16690 levels respectively.
The option data shows 17200CE has highest OI, followed by 17300CE while 16800PE has highest OI writers, followed by 16500PE. The wider range for Nifty is 16500 to 17300 while shorter range for nifty stands in between 16800 to 17200 level.
India VIX moved down by 5.46% from 17.5375 to 16.58 levels.
Bank Nifty formed a “Bullish Homing Pigeon Candle” and the pattern confirmed by a green candle. Now prices are likely to move higher from current level and may test immediate hurdle of 35250 and 35580 levels respectively. A break of that may take prices further higher to 35800 and 36220 levels. On the other hand, immediate support stands at 34730 level which should intact for the day. If prices breach the said level then we may expect some more down side to 34300 and 33950 levels respectively.
Source : Eureka
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