By a staf reporter: Yesterday Nifty printed a wave type Zig-Zag move amid volatility. After higher opening at 17401 initially corrected vertically upto 17287 but turned around completely as a V shaped recovery supported by 5 DMA which has acted as life line for bulls to maintain the current uptrend and touched record high of 17436 during the session but failed to hold that gain and in last leg slipped further and finally after breaking three-day winning streak to end almost flat at 17362. Day to day basis down by 15 points or 0.09% lower closing.
Among sectors, except FMCG, all other sectoral indices ended lower with IT and PSU bank indices down a % each, Realty was the top draggers down more than 2%.
Investors focus for the week, will be on the comments from Fed officials and ECB policy meet.
Yesterday Nifty formed a Hanging Man Type Bearish candle followed by day before yesterday’s Spinning top type candle. Though last day negated higher highs-higher lows formation of the last seven sessions with almost same top in between 17430/40 range but 17300 as rounded may act as support <+/-30>.
3 EMA = 17333 & 5 EMA = 17262 to be acted as 2 life lines.
On the down side Fresh negativity only below 17250/60 if breaches decisively then projected down side 17180 & even 17050 as a swing basis.
On the upside fresh positivity may resume if decisively breaks 17440/450 range & stays above that. Projected upside 17500 and even 17777 in uncharted territory.
Intraday basis On the Upside :-
Fresh Break out if stays above 17437/444 Then R: 17468/17494 & major 14529/17552.
Intraday basis Pivot area :- 17360 should hold to maintain up move.
Intraday basis On the Down side :-
Initial Weakness if stays below 17333 Then S:- 17287/17262 & major 17230.
Inida Vix nothing special, slightly subdued. Closed at 14.90 down by 1.39%.
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