Highest ever Monthly Closing. Closed above psychological 18000 mark at 18012.
Oct Month started with 17102 & immediate Low was 16855 & then after a positive move throughout the month High printed at 18022. Monthly candle was supported by 5 Months Moving Average i.e. as per monthly chart 17150. Subject to hold these supports Nifty may cross 18100 –18300 & 18600 + & may set a new High.
Month to Month basis up 5.37% or 918 points & Monthly basis formed a strong bullish engulfing candle which indicates a positive undertone of the index.
Current RSI as per monthly chart is 64 & Daily Chart 66 i.e. still some more potentialities are there. It shows strong bullish momentum of the index for the short to medium term.
India VIX was down by 0.75 percent to 15.80 levels, which also made the bulls comfortable position.
As per the Option data, Nifty may trade in the range of 17700 to 18200 levels.
Yesterday week started as expectation with a strong Gap up note inbetween 17840 – 17900 & Day to Day basis gained 225 points to 18012 and formed a bullish candle on the daily charts.
On the Upside :- Above 18022 Intraday basis Resistances are 18056—18101—18129.
Major Swing basis 18180-18224 & major 18300/350.
On the Down side :- Bullish view will be negated if it breaches below 17770 closing basis < 5 DSMA> as per Daily chart. Intraday basis Supports are :- 17978—17933 & 17900. As long as the index trades above 17900 the uptrend formation is likely to continue. Below 17900 Swing basis major support 17855—17810 /17770.
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