BY A STAFF REPORTER: 3Weeks highest closing after 2 days correction Nifty jumped 159 points to 17929.
Yesterday Nifty Opened with a positive note at 17840 with initially low made at 17800 & then through out the day gradually maintained up move. High printed at 17954 & finally settled at 17929.
Day to day basis up 0.85% or 159 points and formed a bullish candle.
Day’s High 17954 is very crucial which is a cluster of 50-day EMA (exponential moving average - 17960), the Budget Day's high, and the point of downward sloping resistance trend line adjoining previous major swing highs. Therefore, 17950-18000 is the vital area, if decisively breaches then chances are there to test 18200 further.
On the Upside :- Initial Resistance above 17954 --17975. If breaches then only 18020—18045.
Major -18070/098.
On the down side :- Initial Support at 17900/877. If breaches then only 17840 & major 17815/17777.
MAX Pain is at 17900 & PCR at 1.07.
As per Option Data the expected trading range for the index shifted higher to 17750-18200 from 17650-18000.
The India VIX fell 1.66 % from 13.68 to 13.45.
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