Yesterday we have seen a Volatile trading session. Gap down Open as expectation amid reddish global cues almost at day’s low 17345 but immediate basis vertical recovery upto 17588 though that failed to cross 17600. In 1st leg of the session corrected upto 17411 that was crucial 20DSMA support . From that level rest of the session upto end continuous bullish recovery – crossed morning high & made day’s high at 17625 but weighted closing was at 17577. Day to Day basis Gain 87 points or 0.50% after 2 days massive correction.
All sectors, barring IT, contributed to the recovery. The broader markets also participated in the rally.
Chartically printed a strong bullish reversal candle supported by 20 DMA which resembled the piercing formation which may be a bullish trend reversal or bottom reversal pattern.
On the Upside any further bullish recovery above 17631 tending towards 17710 1st & then only 17750 <9-5 DSMA barriers now> & 17777.
On the down side immediate supports are below 17516—17450 & 17385. Major support at 17345 & fresh negativity only below that & that can be extended upto 17250—17150 & even 17000 <200dma> /16900 in case of further strong bear action.
As per Option data immediate basis trading range may be in between 17350-17800.
The VIX was up 0.07% & closed at 19.05 levels.
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