Technically Trend Discussions of Nifty Spot as per Chart

By a Staff Reporter:  Part II

Technically Trend Discussions of Nifty Spot as per Chart

On the Upside:- 2 Steps Resistances are - 17200 and 17360 zones.

Nifty immediate basis in upward pull back move against the short term falling trend whose crucial barrier in between 17170 to 17200 <61.8% retracement hurdle – 13ema & 20dma juncture area> that to be acted as vital barrier of the recent pull back & if fails to cross 17200 <+/- 20/30 points > then the current rally to be fizzled out.

Otherwise if sustains above that then that to be continued upto 17360<100dma >/17376 <78.6% retracement level > - before 17400 trend line barrier of the current Medium term < 3 months falling trend>

On the downside:- 2 Steps supports are - 16900 and 16800 zones.

Nifty’s short to medium term trend down – lower top lower bottom formation whose range is 17400 & extended basis 17600 on the upside & in case if maintains the current trend lower bottom may form further but that to be fenced around 16288 < 200 dma >/16250 below recent low 16410.

On the down side 16000 should not break which is a rock bottom support as a long term basis.

But Technically Bull Market main structural Trend is still up & bulls expectation is to test & cross all time high 18604 & that to be 18888/19000++ after crossing step by step 17650—17810—18220 & 18350 several upper hurdles subject to hold 16000.

Current RSI as per daily chart 46 facing resistance at 50, took support at 30.

India VIX the volatility index also cooled down as last day, dropped by 4.55% to 15.82 at crucial 100dma support. Recent correction started from resistance 20+. Next support 14.

Source : Eureka

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