Truncated week started with a Gap up note of 100 points as per expectation at 17797 then through out the day narrow range momentum continued in between 17839 to 17768. Finally settled at top at 17825 which is fresh 4 months high. Day to Day basis up 127 points or 0.73% and printed a small bodied bullish candle.
As per daily chart though we have reached critical resistance points <17888/930> with highly over-bought zones as per indicators, RSI 82.27 but still there is no sign of short term correction but as a very short term basis either consolidation or slight correction can not be ruled out subject to fail to cross 17950/18000 then probable support may be around 17700/17650 <5 DSMA> below 17760.
On the contrary if decisively crosses & stays above 17900/18000 then 1st Resistance at 18115 – April’22 High. Any closing above that the long term down trend to be negated & then New Disha to be opened towards 18350 & even all time high 18600.
Therefore, at current scenario raising doubts are there over the sustainability of the uptrend so very short term basis traders should maintain neutral stance better to focus on quality stocks.
On the Upside :- Intraday basis 1st Resistance - 17857/888. Extended basis 17932 -17960 (major).
On the Down side :- Below 17768 - Supports are Intraday basis 1st – 17735 & 2nd 17707.
Extended basis 17650 (major).
Option data indicates immediate trading range - 17600-18000, while broader range may be 17400-18200.
India VIX was up by 0.44% to 17.69 levels. Volatility was slightly up but below 20-level gave comfort to the bulls.
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