BY A STAFF REPORTER: Yesterday, Session started with a Gap down opening at 17485 then in 1st leg of the session sharp bounced but failed to cross 17700. High printed at 17695 then correction started further and this time low at 17468 & finally the index settled at 17542. Day to Day basis down -217 points or -1.2%.
The Nifty started September on a negative note amid on weak global cues and interest rate hike worries despite a sharp fall in oil prices.
Though Nifty formed a small bodied with a long upper shadow type green candle Op> which is basically an inside bar candle.
The market traded within the range of the previous day. Previous Big Bullish Engulfing candle’s High 17777 & Low 17400 will act as vital role. Beyond that either side fresh swing based directional move.
Consolidation movement with volatility is likely in the coming sessions.
The index will have to protect the bullish gap zone of 17401 and 17380 of August 30, as a breach of 17380 on a closing basis can trigger weakness and the index can slip to the recent low of 17166 too.
The benchmark closed at 5DSMA i.e. at 17542.
On the Upside :- Bullish above 17585 <20 & 9 DSMA juncture hurdle at 17585> for a move towards Immediate basis 17620-17666. On the upside 2 other vital hurdles are 17700 & 17777.
On the down side :- Immediate support at 17470. Bears will get active below 17470 for a move towards 17444-17400 to 17380. Major at 17333- 17300 <30DSMA> mark.
Option data indicates that the Nifty can see trading range of 17200-17800 due to higher volatility.
India VIX also rebounded 6.3 percent to 19.87 levels.
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