Yesterday Nifty Bulls finally able not only to break the initial 300 points range i.e. in between 15600 to 15900 but also broke out the upper edge of its’ broader range of 500 points i.e. 15500 to 16000.
At last after eight weeks < almost 33 sessions > long consolidation phase we got a very big bullish range break trending move that completed almost all initial targets at a stretch on the upside.
Nifty opened with a Gap at 15951 from previous day’s closing 15885 with initial low 15914. Then extended the uptrend as the day progressed to hit an intraday record high of 16146 in the late trade &
Finally settled the session at a record closing high of 16130. Nifty rose 1.55% or 245 points. All key sectoral indices, barring metals, closed in the green.
Nifty formed a large bullish candle on the daily charts which closed above 16100 mark can comfortably move towards not only 16200/250 but also even 16300/333 mark in case sustains above 16150. Technically, one important indicator MACD gave a buy signal from lower ends and current RSI after bullish break out from 50 now at only 67. More potentialities are there to move up.
For more upside journey to move towards 16300 & above in uncharted territory in open sky Bulls should utilize the support areas 16070-16040 & even upto 15960-15915. Positional basis Bulls stop shifted from 15770 to 15840.
On the Upside :- Bulls need to hold initially 16090.
RESISTANCES :- 16160 - 16245 & THEN 16298/333 - 16390. MAJOR 16462 & VERY MAJOR 16555-16666
On the Down side :- Bears active below 16070
SUPPORTS :- 16040 - 16010 & THEN 15962 - 15915. MAJOR 15840 & VERY MAJOR 15777 – 15717.
The Option data indicates the broader trading range for the index could be between 15800 and 16400 levels for the coming sessions.
India VIX moved up 7.4% from 12.80 to 13.74 levels.
Source : Eureka
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