Yesterday Nifty bulls gave a big bouncing more than 300 points reverse rally from expected support area 15666 < day’s low 15671>, after hitting day’s high 16028 finally settled at 16013. Day to day up by 150 points. Nifty formed a bullish candle on the daily chart.
Today can be another volatile session as we will have election results coming on Thursday.
On the Up side :-
As expectation if pull back reversal continues then above 16047 expected pull back hurdles are 16108/133—16161. & major 16200-244. Only above that next extended hurdles are 16200-16244, subject to hold 15920/900.
On the Down side :-
Fresh weakness only below 15920 or mainly below 15900 & then can see quick fall towards 15848—15800 & major 15766 to 15711.
Positional basis strong support 15650-15550 & swing basis strong pull back hurdles 16300-16400.
Option data suggests that 15500 to 16500 levels could be the range for Nifty in coming sessions.
India VIX, the fear index fell 2.5% to 28.59.
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