BY A STAFF REPORTER:
Yesterday Nifty corrected 158 points to 16058 and formed a bearish candle on the daily charts amid nervousness in the global counterparts.
Lower opening at 16126 High 16158, slipped upto 16031 & closed at 16058 maintaining lower top lower bottom formation & closing just below its 50 dma indicating negative undertone.
Indicator RSI currently at 54, also trying to form a bearish crossover with it’s avg that supports current short term negative bias as a retracement of immediate rally from 15511 to 16275. 23.6% =16100 broke & now 38.2% = 15977 may act as immediate support but if breaches then that to be extend upto 50% = 15900 & even 61.8% = 15800.
Weekly basis strong fencing at down side 15765-735 < 20 dma > & that should hold to maintain the uptrend. Weekly basis fresh positivity only above 16275.
Current Range 16166-15977
Intra day basis :-
On the upside :- initial Resistance are 16085 - 16123 & 16166.
On the down side :- Primary supports are 16031 – 16006 & 15977.
Swing basis :-
Major hurdles above 16166 & further move only above that. Then next hurdles are 16220—16275—Major 16333.
Major Supports below 15977 are 15955—15888 –15827.
India VIX, the fear index rose, 0.97 percent to 18.55.
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Source : Eureka
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