Technically Nifty Spot

 Fresh negativity started below 50% retracement level of prev journey 16410-18350 at 17380. Closed at 61.8% retracement level 17150. Till Nifty stays below 17150 bears will rule and fall can extend.

On the upside:- Above 17150 Resistances are 17227 & 17298. Very major hurdle now 17380.

On the down side:- Below 17100 Supports are 17000 - 16917 & major 16820.

Extended basis 16750-16666 & 200dma = 16600. Chances of bouncing from lower ends.

The Option Table data indicates decent support at 16800 and reasonable resistance at 17200.

India VIX was up 20.85% cl @ 22.83.

For Bank Nifty immediate support at 36500 and reasonable resistance at 37500.

Source : Eureka

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