BY A STAFF REPORTER: Stocks in the Asia-Pacific traded mixed on Thursday as investors digested the U.S. Federal Reserve’s smaller rate hike of 25 basis points and Fed Chairman Jerome Powell acknowledged inflation is falling.
and gave little indication that it is nearing the end of this hiking cycle though inflation fight not over.
SGX Nifty was 17616-84 pts.
Yesterday we have seen a Wild swings high volatility. Nifty formed High Wave candle.
Nifty soared 153 points in opening trade on Wednesday ahead of the Union Budget 2023-24.
Budget excitement High settled at 17970 mark but immediately after FM’s speech finished, Index started falling slipped to 17353 in the last hour of trade but managed to recoup losses to close 46 points or 0.26% down at 17616.
The index formed a bearish candle with a big upper and lower shadow, which resembles High Wave pattern on the daily charts, indicating too much volatility in the market and indecisiveness among buyers and sellers about the future market trend.
Technically, On the down side Nifty defended its 200DEMA= 17550 for the fourth day in a row, which can be crucial immediate support in the coming sessions. Next downside support level is 17444 & 17290 = 200DSMA and a breach can lead to further selling towards 17200-17000.
On the upside the level of 17700-17750 can be the next hurdle & extended major at 17840-950.
Max pain = 17750. The options data indicates that an immediate trading range could be 17350-17900.
India VIX, the fear index remained volatile before closing 0.56% lower at 16.78 level.
Yesterday Bank Nifty also was highly volatile during the day and moved in a 2500 points range. It was a massive day of volatility. A strong up move from 41200-42000 and down move from 42000 to 39400, and formed a Massive Outside bar pattern.
It settled 142 points lower at 40513 and formed a bearish candle on the daily charts with long upper and lower shadow, indicating High Wave pattern.
For Intraday basis Trading Levels :-
On the Upside :- Fresh Positive above 40682 then Resistances are 40888, 41080 and 41225
On the down side :- Negative Below 40489 then supports are 40277, 40008 and 39729.
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