Yesterday Higher opening at 17695. Then initial basis high 17764, but failing to cross our tentative barrier 17777 in 1st leg of the session corrected upto 17588. After intraday reaction and consolidation further re bouncing, recouped the maximum losses. High printed at 17715. After pulling up 2nd time failed to cross 17720 & reacted further & finally settled at 17655. This was the flat monotonous narrow range bound move & day to day basis just -10 pts negative closing.
Today can be another day with Volatile moves like we saw yesterday. Therefore if range bound volatile sessions persists then for today initial range may be 17720 and 17570 & broader range 17777 to 17470.
On the down sides :- Immediate support s are :- 17630 & 17570. Bears will get active below 17570. Then Break down basis other extended supports are :-
17545/512 & 17492/455. Should not break 17400-17380. If only breaches then more negativity.
Then —17333 -17226 as a swing basis.
On the Upside:- Immediate resistance at 17710 - 17752 & major 17777. If decisively breaks 17811 then only other extended Resistances are :- 17853—17888 & as a swing basis very major at 17927-17992.
As per Option data in the immediate term, the Nifty will move in the 17300- 17800 range due to high volatility.
India VIX fell by 0.7% to 19.53 levels.
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