Today Intraday traders watch out for first 15 mins High and Low and could capture the trend of Nifty.
Yesterday Nifty ended 133 points higher at 18145, it’s best closing since January.
Nifty formed a Doji pattern on the daily charts, indicating indecisiveness among bulls and bears about the market trend.
The index not only closed above the psychologically 18000 mark but also above April & Sep’22 High 18100. Therefore, 18100 & 18000 are to be acted as supports for the time, and if holds can move towards 18350 < Jan & Year High>, and then a record high of 18604.
But if the index slips below 18000, it will be a sign of exhaustion & then running 5DSMA @ 17865 will be acted as major support as short term basis.
Intraday Trading Levels:-
On the Upside :- Positive above 18177 then Resistances are 18238, 18300 and 18350.
Short term basis break out above that then 18426.
On the Down side :- Negative below 18100 then supports are 18050, 17980 and 17936.
Short term basis strong 5 DMA support 17865. Fresh break down only below that.
Option data indicates that in the immediate term, the Nifty can trade in the 17900-18350 range.
India VIX climbed 2.07 percent to 16.13 levels, slightly high during the day.
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