Yesterday Nifty moved up 126 points to 17312 and formed a bullish Piercing Line kind of pattern on the daily charts, indicating the possibility of a bullish reversal.
Today expectation is Gap up opening amid Green Global Cues. Dow +550 pts & Sgx NIFTY 17462 + 147
Here yesterday Nifty Opened at 17144 & initially Low hit at 17098. Took 5DSMA support at 17100. Then smart re-bouncing. Strength recouped above 9 DSMA 17200 & 20 DSMA 17240. Pull back extended upto 17328. Finally settled at 17312. D to D basis up 0.73% or +126 points. The rally was supported by banking & financial services, select auto and IT stocks.
This rally ahead of Diwali not only to test previous top 17430 but also to cross that & may move towards 17500 & more than that subject to hold 17200/17100.
Intraday basis :- On the Up side :- Positive above 17350 & then 1st Resistance 17399/430 that is a Crucial Resistance Area.. More strength above that then 2nd Resistance Vital zone at 17470/525. Traders should cautious around 17555/585.
On the down side :- Support area 17246—17228. Chances to hold. If breaches or Negative below that then 1st support 17190 <9DSMA>/17150 – should hold 17150. More weakness below that then 2nd Support vital zone at 17098 -17055.
Technical Indicators & Wave patterns are favorable for bulls and showing some more potentiality are there to move up.
Option data indicated that the trading range for Nifty could be 17000-17500 levels for coming sessions.
India VIX slightly inched up by 0.87 percent to 18.42 levels. If the VIX decisively drops below the 18 may bring stability to the market.
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