Yesterday Nifty corrected 71 points to 18127 and formed a bearish candle on the daily charts making a lower high lower low extending a downtrend for the third consecutive session. Short-term trend of Nifty remains weak. Selling pressure amid fresh COVID-19 concerns, and hawkish commentary by RBI in its policy minutes.
Nifty opened @ 18288 & immediate basis high 18318 but failed to cross the 18320 mark that was acted as resistance. Then slipped from there & maintained the downtrend as a continuation of the previous day’s downfall from 18473. At 1.00 PM correction halted at 18070, that means after 400 points correction bouncing occurred but that bouncing also restricted at 18182 area i.e. just 23.6% retracement hurdle of the 2days total fall from 18473 to 18070. Nifty finally settled at 18127, Day to Day basis down -71 points or -0.45%.
Sep 15 High was 18096. 23.6% retracement of total 6 months rally from 15183 to 18887 is 18013. 50DSMA 18166. Closing basis 50DMA already broke. Yesterday’s low was 18068 so both 18096 & closing basis 18166 broke. Below 18050 only psychological support area is 18000/17990.
Till Nifty is below 18300 on closing basis Bears will have upper hand. Bears will get active below 18192 for a move towards 18068-17990-17950/895. 18068 done now waiting for 18013-17990-17950-17895.
MAX Pain is at 18200 PCR at 0.57. Options data, has shifted lower to 18000-18300 from 18000-18500.
India VIX was down by 0.38 points from 15.56 to 15.19 levels. Current RSI of Nifty spot at 41.
Yesterday Bank Nifty closed at 42409 down by -209 points day to day basis.
All Bearish target done. Now for today Bears need to break 42311 for a move towards 42100 <50dma> -41900/840. Bulls above 42625 for a move towards 42800-42900. 43000 is the very crucial barrier.
MAX Pain is at 42500 and PCR @0.70. Main Ranger 43000-42000.
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