Yesterday as expectation Nifty opened gap down at 17009 & then corrected upto 16889 but because of high volatility in last 30 mins almost 100 points loss recovered & finally settled at 16954. Day to Day basis plunged 218 points, or 1.27% and formed another bearish candle.
This is the 2nd consecutive basis extended losses amid increasing COVID-led lockdown fear in China and hawkish commentary of Fed officials dampened sentiment.
Nifty immediate basis mainly range bound in between 17300 <100 dma> to 16850 <200 ema > .
200dma = 17200 already broken.
But as long as Nifty Spot holds 16850/800 chances of reversal though may face cautious hurdles around 17250-17350 range. Fresh negativity & more bear action only below 16850/800 closing basis.
Fresh bullish move & more bull action only if stays above 17450/500.
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