BY A STAFF REPORTER: Yesterday Nifty closed with a negative mode at 17722 corrected by 43 points to and formed a bearish candle with a long lower shadow on the daily charts, making lower high lower low formation, indicating temporary weakness in the market. Traders cautious ahead of MPC interest rate decision.
The Index opened higher and climbed up to 17811 but lost all those gains and hit a day's low of 17653 in the afternoon. The index tried to recover in the last hour of trade but that also failed and finally settled with 43 points loss at 17722.
Nifty lying in a range bound stage inbetwwen 17550 to 17850 for 3 consecutive sessions. If the index decisively surpasses 17800/850 then 18000 can be the next possible resistance for the Nifty & then as a short covering may move towards the 18200 level, with crucial support area of 17600-17550 levels. Immediate support 17666.
On the Upside expected Resistances are :- 17804—17887—17950—17981
On the downside expected supports are :- 17650—17600 –17570-17550
Option data also indicated that the Nifty could see a trading range of 17500-18000 for coming sessions.
Max Pain at 17700 & PCR = 0.65. Technically Intraday Pivot level is at almost closing 17728.
India VIX fell by 3.82% from 14.69 to 14.13 levels should hold below the 14 zone for market stability.
Yesterday Bank Nifty has outperformed, rising 116 points to 41491 and formed a Doji kind of pattern on the daily charts, indicating indecisiveness among bulls and bears about future market trends ahead of the MPC meet outcome.
Index has been trading in a wider range between 50 DEMA 41961 and 200 DEMA 39868 on a daily scale from past seven trading sessions and now it has to continue to hold above 41250 level for an up-move towards 41750 and 42000 area, with supports at 41250 and then 41000 levels.
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