BY A STAFF REPORTER: Yesterday weekly expiry session ended just above 18600 at 18609 after 4days consecutive lower bottom formation. Day to Day basis Nifty rose 49 points and formed a bullish candle on the daily charts, Higher bottom printed at 18536. The rally was largely supported by banks, especially after pricing in the monetary policy event in the previous session.
Flat open at 18571 & then throughout the day range bound in between 18625—18536, taking major support at the 18500 mark. The overall chart pattern signal positive bias for the short term & if the support holds in the coming sessions, then the index can cross coming barrier 18666 & march towards 18700+.
Technically on the upside :- Positive above 18644 then <1st Resistance> 18678 & then major 18730—18766.
On the downside :- Intraday basis fresh weakness below 18590 then<1st support> 18546 & then major 18502—18468. 18490/500 = 20dma support. Current RSI 61.60.
Option data indicates that the Nifty will likely trade in the 18500-19000 range in coming days.
India VIX fell 4.83 percent to 13.40 levels, giving more comfort for bulls.
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