Nifty Spot

BY A STAFF REPORTER

*On the upside*:- R :- 17427—17475/530. Major —17666 & 17770.

Up side swing based very strong resistance at 17900 & 18000.

*On the downside*:- if the index slips below 17185 <5 dma> then it could attract selling pressure on intraday basis then Supports are :- 17070 – 16995 & 16850 levels.

Below 16800 - Down side swing based strong support at 16650 but Main Trend will not decisively change in favour of bears unless Nifty closes below its 200-day simple moving average whose value is present around 16650 levels. Previous main bottom 16410.

*Summary :-* 

*Nifty Spot :-* Major Resistance at 17770 & support at 16850.

*Bank Nifty spot:-* Resistance at 38700 & support at 37300

R :- 38300—38500—38700--39000

S:- 37600—37300—37000—36800

Source : Eureka

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