Almost Flat Opening @ 17859 with initial High 17880 but failed to cross the crucial barrier 17888/17900, slipped from there & took support @ 17719 then rest of the day range bound mode mainly in between 17700 to 17800 range & ultimately closed @ 17770.
Day to day basis down -86 points or -0.50%. Range bound trading with negative bias. Bearish candle’s body, indicating temporary nervousness ahead of CPI inflation data, mainly in scissors range on the up side 20DMA @ 17860 & on the down side 9 DMA @ 17770.
Overall, the range bound trade continued with weak bias for the Seven consecutive sessions. For coming session expected main range initially :- 17900 & 17600. The buying is expected to emerge from near the crucial lower support of around 17650-17600 levels & even followed by 17500 levels whereas the immediate resistance is at 17900. Any decisive close on either side can give proper direction to the market.
Intraday basis above 17822 –17844 & major 17888. Break out basis hurdles are 17920-17964 & 17999 (Cautious hurdles).
On the down side Supports are 17719—17692.Fresh negativity below that & then swing based extended supports are 17652 & 17600-570.
Max Pain :- 17800 & PCR 0.61. Option data indicated that the immediate trading range for the Nifty could be 17650-17950 levels. India VIX moved up by 7.33 percent from 12.75 to 13.68 levels.
Yesterday Bank Nifty also opened with a flattish note at 41563 and then initially high made at 41662. Then it drifted lower hitting a day's low of 41157 in the first half of the session. Later it got stuck as intraday basis in the 41200-41400 area and ended with losses of 277 points at 41282.
It formed bearish candle on the daily scale. Actually from the past six sessions the Index was range bound in between 41100 and 41750 zone and now it has to hold above 41250 for an up move towards 41750 and 42000 levels, whereas on the downside some weakness towards 41000 and then 40750 levels.
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