Nifty Spot Weekly Expiry day Analysis

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Nifty Spot Weekly Expiry day Analysis

BY A STAFF REPORTER: 

Yesterday after Gap up opening < Gap in between 18008- 18050> Nifty Spot was up 170 points almost or 0.94%, closed at 18161 & maintained it’s bullish bias throughout the session. Nifty formed a bullish candle on the daily frame.





That rally was mainly stipulated by the Tata group stocks and support from IT, metal and infrastructure items.





5 days consecutive rising mode – 17763 to 18197 i.e. 434 points rose in 5 days.





For Today, for traders point of view 18100-18050 to be acted as a very crucial immediate key support level, as long as holds above the same the uptrend wave will continue up to 18250/18280 & even 18300/320, though extended basis that may stretched upto 18400-500 mark too.





But bulls should take a cautious stance in between 18280 to 18320 levels before weekend holiday session as this week is a truncated one & rally is already overstretched, though Running RSI is at 72.





This week strength resumed mainly after staying above 17950 & more specifically 18000 negating last Friday’s small Doji/ spinning top type candle at 17950 which was break out area of previous “V” shaped formation & also supported by running 5 DMA currently at 17957. Therefore, these two figures 18000 & 17950 to be acted as major support for coming sessions. Swing based short term positional support 17800.





So, expected wide range 17800—18500.





Summary:-





On the Upside:-





Positive above 18190 then projected Intraday basis next upper hurdles are :-



18222, 18252 and 18283 – extended swing basis 18320 & major 18388.





On the downside:-





Negative below 18148 then projected intraday basis next lower support slabs are :-



18121, 18099 and 18066 – extended swing basis 18009 & major 17945.





The Option Table data indicates decent support at 18100 and reasonable resistance at 18300.





India VIX day to day basis up 1.59%, closed @ 16.10, low tested at 13.38. Resistance 17 & 19.









Source : Eureka

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