Last Friday after opening within 1st 30 min of the session Nifty was highly fragile, corrected from 16656 to 16565 – 90 points slipped at a stretch but above 16600 very smart recovery throughout the rest session and after crossing 16700 & even previous high 16712 printed a fresh all-time high at 16722 in the intraday trade. Market finally ended in the green & settled the week at 16705, up by 68 points day to day basis.
Coming week we have monthly closing & we may get an another volatile week.
Monday we may hope a Gap up opening even at or above 16800. But after near around 100 points big jerk intra traders should cautious at higher –some profit taking or cooling may possible. First 15 mins high and low will be crucial to decide the trend for the whole week.
Though momentum may continue in September series also & Price may heading towards 16888 & extended basis 16988 till holding 16545 & basically 16480 but there may arise intermediate consolidation and correction, which would offer buying opportunities. Book profit at higher ends & buying focus should be on dips.
After 2 months consolidation, Nifty had a strong run in August. Monthly basis till now in August 6% or 950 points rallied supported by large caps where broader markets participations were completely underperformed. Nifty may gradually hit towards 17000 mark supported by large caps further & Bank may outperform.
On the upside :-
Bulls may initially active above 16722 & then more above 16777 for the move towards in uncharted open sky 16824/16840 <1st Resistance – for 1st time as intraday basis traders should cautious there> & then only <2nd > & major barrier at 16888/919 *< rounded 16900 >.
On the downside :-
Bears will get active below 16680 for a move back to 16666 / 16630 & then only 16600/584 . Extended basis major support at 16545.
Option data suggest that the broader trading range in between 17000 to 16500 zones while an immediate trading range is in between 16800/900 to 16600 zones.
Last day India VIX was down by 0.98% from 13.54 to 13.40 levels & weekly basis down 4.35%.
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