Last Friday Nifty opened the session with mild positive note at 17660. Low made at around 17600 & then through out the session maintained the positive biasness , hit intraday high at 17725. But volatile narrow Session closed just below 17700 at 17698. Day to day basis up 39 points. This was the highest closing level since April 8, 2022. W to W basis gained 300 points. It formed small bodied bullish candle on the daily charts and strong bullish candlestick pattern on the weekly scale & this was the 4th consecutive bullish candle with higher high higher low formation .
Easing of aggressive rate hikes concerns by the US FED, declining inflation, range bound oil prices, and positive mood at the FII desk lifted market sentiment in the week ended. Truncated week will first react to the quarterly earnings of the LIC, ONGC, and Hero MotoCorp, along with June IIP and July CPI inflation data today.
As per daily chart though we have reached critical resistance points with over-bought zones but still ignoring all these another Gap up opening possible today tending towards 17800 amid specially green US cues.
Technically speaking, the index is gradually inching towards the resistance point of long down sloping trend line 17800-17900 levels, with support at 17500 mark. Trend line indicates further some pause before crossing 17900-18000 mark as a closing basis & higher possibility of reversal down from the highs or some consolidation. Bulls should cautious before 17900 & immediate support is placed at 5 DSMA 17560 & then 2nd very short term basis life line 17474 <9DSMA>.
On the Upside :- Above 17725 - Resistances are Intraday basis 1 -17750/777 & 2- 17850/876.
Extended basis 3- 17927 & 4- 18000 (major).
On the Down side :- Below 17673 - Supports are Intraday basis 1 - 17622/595 & 2 - 17560/517.
Extended basis 3 – 17474 & 4 - 17390 (major).
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