On Friday Nifty plunged almost 350 points & week settled near 17500, exactly at 17530. This was the 3rd consecutive negative closing. Day to day basis chart pattern formed a big Bearish candle and in last 3 days it formed Dark Cloud Cover pattern formation which indicates further bearishness in the market.
The benchmark indices down by nearly 2% as Traders are cautious regarding expectations of aggressive policy tightening by the US FED in upcoming policy meetings to tame inflation & side by side Negative Global cues, rising US dollar & bond yields, FII selling and correction in IT stocks.
In last 2 days Nifty corrected -600 points. Fell from around 18100 to 17500. Within this mammoth bearish momentum Nifty broke very short term <5DMA= 17880> & short term <9DMA =17820, 20-30DMA = 17666 >moving averages and momentum indicators are in bearish crossover and falling – RSI (relative strength index) is turning down and placed just below 60 mark ,currently 48 which shows that the positive momentum has weakened.
Now chart pattern indicates that either Nifty may take some pause near 17475 & try to bounce but may face resistance near 17666 to 17777 range or will consolidate in the broader range of 17880 to 17380 for the short term.
On the Upside Intraday basis initial resistance at 17592 & if crosses then 17637. Major intra hurdles are 17691—17755. Major swing hurdle at 17820.
On the Down side 17475 is the immediate support. If it breaches then intraday basis other supports are 17430 to 17380/350. Major swing support at 17200.
The Option Data suggests the trading range to 17300 to 17800 for coming series.
India VIX was closed at 19.82. D to D basis up 1.43 points. Res: 21+ & immediate sup 18.
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