Intraday basis it was an extended correction

BY A STAFF REPORTER: 

Intraday basis it was an extended correction –over reacted & almost all bearish targets done. Technically as per weekly chart 15300 is a very crucial level as it is exactly 100 weeks simple moving average support so that should honour at least 1st time and may take some pause or rest after 5-day fall in which bears erased exactly 1000 points from 16300~ to 15300~. But even if occurs any upsides, shall remain capped before 15900 levels. Resistances are above 15400—15555 & major 15650. Crucial hurdles 15725—15850.

But on the down side as the larger trend is down & if Nifty breaks decisively 15333/300, then the weakness shall extend towards 15150--15050 levels.

Option data indicates the immediate trading range now mainly in between 15000 to 15700.

India VIX, the fear index closed at 22.88 levels, up by 3.3 percent, which is still above the crucial 20 mark, favourable for bears.

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