By a Staff Reporter: Nifty spot held 17180. Yesterday’s low 17184. Previous day's low 17192.
So for Nifty Spot 17180/170 to be acted as crucial support. Last phase of weekly expiry day short covering & almost 100 points recovery maintaining support 17180, Screen closing 17287 but Weighted average closing 17248. Day to Day basis up 27 points. Nifty has formed an Outside bar pattern which is strong reversal pattern. High 17379 - Low 17184 & Cl 17248.
13 DMA – 17270 -- 20 & 100DMA juncture point 17311- 5DMA 17340 & 21 EMA – 17400. - All to be acted as Resistances.
On the upside :-
Above 17271 – Intraday resistances are 17324—17355 & 17381.
Bulls need to move above 17324 for a move towards 17355—17381 & then may face swing basis hurdles 17440 & very major 17512.
On the down side :-
Weakness only below 17180/170 whipsaw area, if breaches & stays below that then as intraday basis 17110-17050 possible. Swing basis Extended lower supports are 16999 & then 16936-16888.
The Option Table data indicates decent support at 17100 and reasonable resistance at 17400.
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