Gap up opening @ 17566 & that was day’s High. Initially corrected & took support at 17442 and then through out the day gradually maintained the uptrend. At the last leg High printed at 17547 & finally settled at 17534.75.
Day to Day closing basis up :- 10 points. Flat closing but still maintaining 5 DSMA currently 17440. As long as holds chances to cross 17666 & Long term trend line hurdle 17700+ & that to be extended upto 17777-17800+.
But still traders should cautious inbetween 17000 to 17800 range as a long term trend line passes in between these two levels & as it is looking overbought after a 15% rally from June lows. Current RSI near around 79.
On the upside :- In case Gap up opening above 17566 negating small Hanging Man type of candle formation, Resistances are 17666--17710. Extended basis 17757 & 17834.
On the Downside :- Below 17500 crucial support 17440 life line support. If breaches 5 DSMA decisively as a closing basis then below 17407 may correct upto 17333<9DSMA > & very major 17235 - 17150.
Option data indicated that the Nifty may trade in the range of 17300-17700 in the coming sessions.
India VIX rose & stayed over the 20 mark during the day. It ended 1.47% higher at 19.59 level.
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