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New Update
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By a staff reporter:
Nifty Last closing 17026. D to D basis - 510 points, or 3%~ down.
Daily basis strong bearish almost Marubozu candlestick formation & CL below not only it’s critical 20-DWSMA 17200 but also below 100-DSMA 17100 & 50% retracement support 17060 not a good sign for bulls.
Monday’s initial High & low basically 1st 15 mins may be crucial & that may set some guideline for this coming week’s movement. 17160 & 16900 is the coming week immediate initial narrow range.
Traders should cautious at any higher - use the bounce to create shorts but as already 8% correction from top over so Investors may take some opportunity and start accumulating quality stocks as a SIP basis piecemeal way.
On the upside :-
Any pull back may fizzle out from higher ends-retracement hurdles are 17060/17100 & 17161/17210. Major 17270 & very Major 17350.
Only above 17350 Medium-term hurdles can be seen at 17440-17500 zones.
On the Down side :- Trend Deciding Level: 16900/16888
Fresh short should be taken if Nifty stays below 16888 for a move towards 16835/800 & then only 16765-16722 < Gap support >. Below 16700 Next Supports 16666. Very Major 16600-16500.
In case situation becomes more negative then for extreme Bear action below 16500—16350 & 16100 < 200DMA> cannot be ruled out.
Summary, Nifty has support at 16700 and resistance at 17300.
Bank Nifty closed at 36025. D to D basis down -1339 points i.e. -3.58%
Bank Nifty Resistance: above 36250/300--36550,36700. Major 36900. Very Major 37100.
Bank Nifty Trend Deciding Level:35900
Bank Nifty Support: Below 35900--35666–35300--35150. Major 35000/34700. Very major 34100.
Monday’s initial High & low basically 1st 15 mins may be crucial & that may set some guideline for this coming week’s movement. 17160 & 16900 is the coming week immediate initial narrow range.
Traders should cautious at any higher - use the bounce to create shorts but as already 8% correction from top over so Investors may take some opportunity and start accumulating quality stocks as a SIP basis piecemeal way.
On the upside :-
Any pull back may fizzle out from higher ends-retracement hurdles are 17060/17100 & 17161/17210. Major 17270 & very Major 17350.
Only above 17350 Medium-term hurdles can be seen at 17440-17500 zones.
On the Down side :- Trend Deciding Level: 16900/16888
Fresh short should be taken if Nifty stays below 16888 for a move towards 16835/800 & then only 16765-16722 < Gap support >. Below 16700 Next Supports 16666. Very Major 16600-16500.
In case situation becomes more negative then for extreme Bear action below 16500—16350 & 16100 < 200DMA> cannot be ruled out.
Summary, Nifty has support at 16700 and resistance at 17300.
Bank Nifty closed at 36025. D to D basis down -1339 points i.e. -3.58%
Bank Nifty Resistance: above 36250/300--36550,36700. Major 36900. Very Major 37100.
Bank Nifty Trend Deciding Level:35900
Bank Nifty Support: Below 35900--35666–35300--35150. Major 35000/34700. Very major 34100.
Source : Eureka
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