Yesterday Nifty opened gap up at 16877 taking support at 16840. After gradually advancing, in last leg of the session quick surge hit the day’s high at 16987.90 < 200DMA = 16988 > & settled at 16975. Day to Day basis up more than 300 points & formed a bullish candle as per daily chart.
Price action of last three sessions indicates that 16600 can be critical support in the near term. Therefore, dips will be a buying opportunity unless the Nifty closes below 16600. Expectation of gap up opening amid Green Global cues above crucial trend deciding hurdle 17000.
On the up side :-
Bulls need a move above 17000-17030 for a move towards 17097—17162.
Major 17200-17226/280. Bulls aim to reach actually 17400/500.
On the Down side :-
Bears need a move below 16954 for a move towards 16933—16900 & 16837.
Swing based immediate support is placed at 16837-800 levels.
If the Nifty slips below 16837, it can attract some selling pressure as swing basis.
Option table data indicates decent support at 17000 and reasonable resistance at 17350.
India VIX was down 9.77% to 24.11. For complete dominance of bulls Volatility needs to cool down further to 22-20 zones.
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