Yesterday Nifty rose 12 points to 17956 amid volatility and formed another small bullish candlestick pattern on the daily charts. Moderate gains specially due to late Last hour recovery. The benchmark is still maintaining it’s uptrend supported by FIIs buying interest, stability of oil prices, and positivity in banking & financial services despite weakness in Asian counterparts.
Lower opening at 17899 and then throughout the session range bound, Low printed at 17852 then recovery started but main rally in last hour, day's high hit at 17968 & settled at 17956, the highest closing level since April 4’22.
On the Upside :-
If such bullish momentum persists & only if it sustains above 17800 then Nifty can be able to cross 18000 1st & then its previous swing high of 18114 (April 2022) in coming sessions and then the next resistance would be 18350 and all time high 18604 < as a swing basis >
Resistances are:- 17999—18042 & major 18115.
On the down side :-
1st support zone as intraday basis 17925—17900 <3DSMA>.
If breaches then only 17850—17810 <5DSMA>.
To maintain the current uptrend should not break 17790-760 - Crucial supports.
Swing basis 1st sign of negativity only below that then 17660 <9DSMA>.
As per Option data immediate trading range could be 17800-18200 levels.
India VIX, was down 1.85% to 17.35, As long as stays below 18 levels, then the stability is expected to continue in the market.
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