Yesterday Nifty Opened with a Gap at 18257 from prev day’s cl 18212, then sideways trading. After printing day’s low at 18163 finally settled at same opening level 18257. Day to day basis up 45points. Nifty ultimately formed a Dragonfly Doji on the daily chart with longer lower wick indicating exhaustion in the trend & buying was visible at declines only.
As formation Doji that also indicates indecisiveness between bulls and bears, steam is cooling off and we can see sideways or profit booking sessions in the coming sessions though main up trend still positive. Any dips or any correction to be a good opportunity to buy in the short term basis.
On the down side below 18190 – 18163--18122 & 18070 – 3 important short term basis support areas. Expectation is direction wise initially profit booking below 18190/200, if persists then chances of hitting above defined support areas. From lower ends buying is expected.
But on the upside, if any minimum initial correction fizzling out at or before the range 18190-18163 & trading above 18200 then the uptrend will continue till 18300-18350 roughly speaking. Intraday basis resistances are :- 18272-18298 & then 18339. Major 18400.
Bank Nifty Spot Fig:- Profit taking mode around 38470 & on any rally inbetween 38521 to 38666 , should not cross 38728 on the upside , down side correction expected upto 38180—37980 & major 37840 mainly below 38324. As per last day's Chart pattern showing some profit booking mode after small doji & red candle. Cautious at higher ends. More negativity below 5 dma 38324.
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