Nifty spot Intraday basis On the upside

Nifty spot Intraday basis On the upside :- R :- 17640—17680—17718—17770

On the upside swing based strong rally looks possible only if Nifty closes decisively above 17640 <+/-20>, then likely to test further 17770 & only then to be extended upto 17900 to 18000 level.

Intraday basis On the Flip side :- S:- 17480---17430—17340—17245

On the downside swing basis deep correction possible if the index slips below 17244 <5 dma> & mainly below 17200 then it could attract selling pressure that can move towards 17154 – 17010 levels.

Down side swing based strong support at 16835—16666 <200dma >.

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 16666 levels.

Source : Eureka

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