Yesterday session started with a slight +ve note at around 17921 & immediate basis high printed at 17946~ but failed to cross 17950 hurdle. Slipped from there even broke crucial 17800 mark & 2 times lows 17794 & 17774, made a new low at 17761. In last leg erased some of losses & finally settled @ 17858.
Upside recovery is needed for bulls to make a comeback. But Nifty needs to sustain the pullback rally to call this action as a bullish reversal pattern. 17800 is the level to watch & on the up 17900.
Day to Day basis -37 points & 3rd consecutive negative closing – lower top lower bottom formation with long lower shadow indicating support-based buying.
Nifty is lying in a narrow range in between 2 vital levels 17950 & 17750.
On the Upside :- Above 17900 17950/990 – 18033/50. Swing basis above 18050 Major resistance 18100/125. Major break out only above 18125.
On the downside :- Below 17800 other lower expected levels are 17747 -- 17700 & major Swing based 17666. Fresh break down only below that & then 17600/570.
As per Retracement Important levels are :-
Hurdle 18070/100 – Current Mid level 17800 – Major Sup 17600/570.
Pivot point & Max Pain for Nifty <19 Jan> :- 17900 – strength above that & PCR 0.66.
Current RSI : 40.40.
The options data indicates that the Nifty may trade in the 17700-18100 range in the coming days.
India VIX, was down by 1.03% to 15.28 level. Volatility needs to come below 14 for stability to resume.
Yesterday Bank Nifty started the session with almost flat opening at 42238. Though initially High 42343 failing to cross hurdle 42370 <50DEMA>, slipped from there. Correction started mainly below 5DMA 42222 & corrected upto 41742. Finally in last leg after slight recovery closed above 42000 @ 42082.
Day to day basis down -150 points. It formed a bearish candle on the daily scale with a longer lower shadow, indicating support-based buying.
It must cross and hold above 42222 for an up move towards 42500 and 42750, while support is placed at 42000 and then 41750.
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