Asia-Pacific markets opened lower on Friday as markets continued to process the U.S. Federal Reserve’s 75 basis point interest rate hike. The monthly U.S. employment report is scheduled to be released later.
Yesterday Our Market started with a Gap down Lower opening at 17968 then in 1st leg of the session moved upto 18106 but failed to sustain above 18100, slipped further but intraday basis hold 18000 mark and finally settled at 18052 above 5 DSMA 18015. Though Day to Day basis down -30 points but Candle is green as Closing > Opening. The level of 18000 remains crucial for either side of the trade.
In coming sessions if able to hold 9 DMA 17850 & sustains above psychological 5 DMA 18000 & 3 DMA 18100 mark & finally crosses recent high 18178 then 18350 will be the next level to watch.
Therefore immediate Current Range 17850—18200 & wide based main range 17777—18350.
On the Down Side:- Sup :- 18028—17973. Below that major 17900—17840.
On the Upside:- Res :- 18120—18180. Above that major 18233—18288.
Current RSI after testing over bought mark 70 now at 65.
Option data suggests that the Nifty may trade in the 17900-18300 range in the near term.
India VIX was down 4.32 percent to 15.94 levels favorable for bulls but itself a support area.
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