After Friday’s massive run-up yesterday we have seen a narrow range consolidation phase of 100 points in between 18300 & 18400.
Nifty spot closed at 18329, Day to day basis down by 21 points.
Chart formation was negative as closing was lower than opening.
Market breadth was muted and Broader market Indices have closed on a flat note.
We may expect that such kind of narrow range choppy session could continue for very short term basis & then further fresh bullish break out possible with higher bottom formation that is expected in between 18250 to 18150 <3/5/9 mov cluster >.On the upside expectation of higher top formation crossing previous high 18350/400 towards 18500-18600.
On the Upside Positive above 18356 for the move towards 18381, 18424 and 18470
On the downside Negative below 18292 then lower supports are 18258, 18225 and 18185
Option data indicates that the Nifty can trade in the 18000-18700 range in the coming sessions.
India VIX, rose 3.5 percent to 14.91 levels.
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