4th consecutive fall - Lower top lower bottom – bearish candle formation. 1 Bearish Target 15888 met .
2nd & vital Target 15800 though still due but as long as hold that should be the good buying opportunity area for reversal. Nifty may take some slab here & chances of bouncing & Bulls expectation is to form a Higher top Higher bottom formation that means to cross previous top 16275+ subject to hold 15750 <+/-50> - strong weekly basis support. 16000/16030 may act as vital trend deciding role.
For traders 1st 15 mins High – Low may be crucial.
Main trading range On the upside :- 16100/150 & Downside :- 15800/750.
Yesterday Higher opening at 16020 <50dma> then High 16070 but failed to cross 5dma & crucial 16100 mark. Then after breaking 16000 & 20EMA 15950 deep correction upto 15858 in last leg of session and then settled at 15938. Day to day basis down -28 points.
In last 5 sessions Nifty corrected from 16275 to 15858 against the previous rise from 15511 to 16275.
On the Upside :- Intraday basis above 15950 immediate Resistances are 16000--16050 & swing basis 16100. Major 16160.
On the downside:- Intraday basis below 15883 1st sup 15858/830. Major 15800/765. Down side should hold that otherwise Fresh positional negativity Support 15730--15675.
India VIX flat closing at 18.34 <5DMA> – D to D basis -0.18.
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