Yesterday Nifty opened with a positive note at 17679 & moved upto 17726 but bullish attempt failed to cross the resistance 17730. Weakness in late trade pulled down below 17500 mark. Low 17487. Taking support from 20DMA Nifty finally settled at 17522 down by 82 points.
It formed bearish candle which resembles Bearish Engulfing kind of pattern on the daily charts.
Positional basis as long as Nifty sustains above the supports of 17200 levels, there is a possibility of an upside bounce from the lower levels. Closing below 17200 main bear action.
On the upside :-
Short term basis as long as holds 17480 <20dma> bulls are safe & chances of bouncing.
If any pull back occurs then Resistances are 17550- 17600<5dma> & major 17650 <13dma>.
Swing based break out hurdle at 17733 <9dma>.
Above 17733 immediate Resistances are 17777 & then major 17830/880.
On the down side :-
Fresh negativity if breaches 17480 <20DMA>. Then 1st swing support at 17420 & then major 17333.
Fresh positional negativity below 17333 & then very major 17255—17160.
30dma = 17100 & 200dma support at 17000.
Option data indicates that the broader trading range may remain 17000 to 18000 levels.
India VIX rose by 6.18% to 19.57 levels & that making the trend more favourable for bears.
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