By a staff reporter: Yesterday we have seen an another volatile session – initially after flattish momentum in between 17377-17333 range then around 12.30 dip fall, broke 5 dma 17333 & 5 ema 17293 at a stretch & low made at 17254 and after testing that support “V” shaped recovery upto 17374 & then settled at 17353 declined by 9 points forming a Hammer kind of pattern on the daily charts.
Actually after last week huge bouncing this week Nifty currently lying in a range bound move with consolidation phase & ready for big move in either direction. Today Weekly Expiry, volatility to be expected – probable Expiry range on the down side 17254/222 & upside 17460/484.
This is a truncated week too as tomorrow we have a trading holiday & long week end but Friday may be a crucial for Global markets, so here traders should cautiously carry their overnight positions.
As main trend is up so bulls expectation to test 17550-600 mark after breaching 17460/484 mark on the upside but bears also hope that they may able to test 17100/17000 further after breaching 17250/222 mark.
Now Technically :-
Nifty trading purpose broader range is 17250/200 to 17400/450.
Middle Pivot point is 17330—17290
On the Upside :-
If intra basis Nifty Bulls sustains above 17330+ tendency of positive bias to cross 17380+ & then only above that Resistances are :- 17406—17436 & 17460.
Fresh Break out if stays above 17440/460 Then R: 17484--17520 & major 17552. Very major 17584.
On the Down side :-
If intra basis Nifty bears sustains below 17290 tendency of negative bias to breach 17250.
As long as 17250 holds bulls are safe otherwise more bearishness & move towards 17222--17180---17140/100.
The Option Table data indicates immediate basis decent support at 17300 and reasonable resistance at 17500.
India Vix yesterday Closed at 14.41 down by 3.26%. Day Low was 12.40 Resistance at 16.
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