BY A STAFF REPORTER:
Yesterday was the Gap up opening & 1st day break out closing of the last 5 days consolidation range in between 17777 to 17400. After Gap up opening as expectation at 17748 supported by 5 DSMA around 17666
After breaking the consolidation range with positive bias mode and formed a small-bodied bullish candle on the daily charts.
Bullish gap zone occurred in between 17691 and 17650 levels. As long as sustains above Gap support & 5 DSMA level 17650 bulls are safe, chances of more upside tending towards 18000. Weakness can be expected if the index only closes below 17650.
Current RSI also at a comfortable levels for bulls 62+, more potentiality is still there to move up further.
India VIX was lower. This also offering comfort to the market which was down by 5.48% to 18.31 levels.
Option data indicates a shift in Nifty's trading range to 17300-18200 from 17000-18000.
Traders’ Strategy as per closing 17799 with high risk-taking ability buy on dips for the targets of 17888 & 17990 subject to hold 17650 levels.
On the Up side :- Resistances are :- 17840—17882—17955—17997. Pivot level :-17766.
On the Down side Supports are :- 17725—17650 <20DMA>—17608<9DMA> & then only major 17534/17500<30DMA>.
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Source : Eureka
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