After previous day’s massive volatility Post budget Weekly expiry day Nifty’s movement was completely range bound mainly in between 17650-17450.
Nifty started the session with 100 points lower opening at 17517 and initially after more correction day’s low printed at 17445 & then in 1st leg of the session sharp pull back almost V shaped 200 points recovery, Day High made at 17654 & then rest of the session maintained in a narrow range move in between 17500-17600 & finally settled at 17610 down by 6 points. It formed a small positive bullish candle on the daily charts with minor upper and lower shadows as the closing was higher than opening levels.
The Nifty hovered between 17450-17650 range and also formed an inside body candle on daily charts which indicates the continuation of a range-bound activity in the near future.
Technically this pattern indicates a chance of bottom reversal & some pull back rally possible in coming sessions taking supports 17444 & 17550 <200DEMA>. For Intraday Traders 17677 will act as Intraday Trend Change Level where as Positional Traders Trend Change Level is 17777.
On the upside:- If crosses & stays above 17630 then 1st resistance at 17677/699 & then only next 17735/777. Major hurdle 17838 – 17888. Difficult to cross very major hurdle 17950.
On the down side:- Below 17590 1st crucial support at 17550 <200DEMA> & then only 17500 - 17470-445. Any decisive break below 17445 more negativity towards 17350 & 17290 <200DSMA>.
The options data suggests the Nifty may trade in the range of 17350-17900 in the coming sessions.
India VIX fell 6.24 percent from 16.78 to 15.73 levels.
Yesterday Bank Nifty opened 500 points lower around 40000 and had a roller-coaster kind of day. On the down side took support exactly from 200DEMA i.e. at around 39760 but turned positive in the last hour. It closed near the day’ high just 1000 points +ve from low 40760~ & settled at 40669 up by 156 points.
The banking index formed a bullish candle on the daily scale and outperformed the Nifty.
Now it has to hold above 40500 level to make an up move towards 40800- 41000--41250 and major 41500 levels, whereas supports are placed at 40500--40300--40000 then 39750 levels.
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