Nifty ends around 17900; MSCI Fears, Adani stocks tumble again.
After the previous day's decisive up move, Nifty Spot remained directionless, the weekly F&O expiry day, in the absence of fresh positive triggers and closed 22 points higher at 17893.
Yesterday Nifty opened @ 17885 & then initially corrected upto 17779, taking support from crucial area maintained the slight up trend through out the session & finally settled at 17893, up by 22 points or 0.12%. The index remained in the range of 75 points and It formed a Green candle Hanging man type formation with long Tail Doji.
As the index made higher highs, higher lows for the second straight day & price is able to close above 20 DMA, there is a possibility that it may reclaim 18000-18100 in the coming session if it holds the support at 17777-17800. MAX Pain is at 17900.
Nifty Holds 17850 & Nifty Bulls now need to hold 17811 for trend to remain buy on dips.
A fresh round of selling is possible if the index slips below 17777, from where it can slide to 17650-17600. Nifty needs a decisive close above 17950 to gain momentum.
Once the index goes past 17950, the chances of hitting 18000-18100 will be brighter.
Positive above 17922 then Resistances 17947-17973 -17993 and 18025. Major 18086.
Negative below 17878 then supports 17848, 17822, 17777 & 17726.
The Option data indicates that 18000 will act as crucial resistance area for the Nifty in coming sessions, with support at 17700-17600. Overall expected trading range is 17500-18000.
India VIX, declined further to 13.04 level, down 4.08 percent.
Bank Nifty opened higher at 41634, which was also an intraday high, but failed to hold on to it and slipped to 41253 in the initial hour of trade. The index closed 17 points higher at 41554.
It formed a bearish candle on the daily charts, with a long lower shadow, indicating support-based buying. The Bank Nifty remained mostly sideways as the index failed to witness a directional move during the day.
For Swing Bulls will get active above 41634 for a move towards 41750—41950 & extended basis resistances 42140-42222. Bears will get active below 41456 then support 41252 & below that extended basis may move towards 41161—40974. Main Range 41000-42000.
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