On Friday Nifty remained range-bound in a choppy session but somehow smartly defended 17800 for the third day in a row & finally settled at 17856 that is exactly at 20DEMA.
Day to Day basis lower closing -37 points and formed inside body candle as well as a Doji pattern on
the weekly scale as well as daily charts, indicating indecisiveness; needs to stay above 17770 for up move.
Intraday basis On the Upside :- Positive above 17888 then Resistances are 17920-17970 <50DEMA>. Above 18000 swing based fresh break out.
Intraday basis On the Down side :- 1st support 17810 & 2nd vital one 17770. Fresh weakness only below that & then only bear move can be extended upto 17726 & major 17672.
Max Pain at 17850 & PCR 0.89.Current RSI as per Daily Chart 48.05.
* India VIX* closed at Bulls favorable zone 12.74.
On Friday Bank Nifty closed just 5 points higher at 41559 after marginally lower opening at 41452 & through out the day the range was very narrow just 200 points only. It formed a small bullish candle on the daily scale. Bank Nifty has remained stuck mainly in between 41100 and 41800 for the past five sessions, which suggest the absence of follow-up on either side.
Now it has to continue to hold above 41500 < Max pain level > to make an up move towards 41800 and 42000 levels, whereas supports are expected at roughly 41250 & then 41000 level.
Intraday basis On the Upside :- Resistances are :- 41680 -41860 & then 41950. Major 42060.
Intraday basis On the Down side :- Supports are 41430 – 41325 -41175 & 41041.
Current RSI as per Daily Chart 47.08.
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