Nifty Spot last week Closed at 16719. D to D basis rose 114 points & that closing was the highest closing after 2nd May which also a bullish candlestick pattern on the daily charts. This was the 6th consecutive higher closing.
For coming session, 16500 will be a crucial support level, while the resistance could be at 16800 and then only expectation to reach 17000 mark.
Though as a wide prospect more potentiality is still there but as broader markets were underperformed -breadth was also not so strong - last day’s Advance Decline ratio also not so impressive & chartically also short to very short term basis that means daily or intra hour basis <60/30 min> chart is overbought - slight profit taking or consolidation possible after 6days consecutive rally i.e. from 15927 to 16752 more than 800 points pull back- non stop rally.
So Traders’ Strategy should be profit booking by making use of the current strength or stay aside & wait for buying opportunity only on dips.
For the daily trading purpose Intraday basis :-
On the Down side :- In case moderate weak opening below 16700 & mainly below 16666 – 1st support 16636 & vital 16606/16595. May take some intraday slab otherwise more & intraday basis extended supports are 16560 & major 16525 <200DEMA>. Positional basis vital support 16500 <+/-30> – 5DSMA & Gap support also there. Short term basis bulls are safe upto that.
On the Upside :- Intra basis 1st hurdle at 16752 but major at 16795. Swing basis fresh bullish hope only above 16800 then extended basis resistances are 16844-877.
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+91 98312 00699 / 82749 09974
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