Yesterday Night Dow closed 400 points lower, falling on hot inflation report and comments from Fed’s Bullard. Here expectation is also weak opening maintaining similarity of last day’s bearish candle after2 consecutive positive candles even closing was above 18000 mark at 18036 up by +20 points which indicated minor weakness from the highs.
Yesterday Opening was positive at 18094 & initially High printed at 18134, then correction started & wiped out most of the gains due to gradual profit booking especially after breaching 50DSMA 18050. It slipped upto 18000 mark & finally settled the session with moderate gains.
Though candle formation bearish but the index closed higher as well as made higher high higher low formation for the third straight session and sentiment for further bullish move above 18150 towards 18250 & that will be still maintained as long as it holds 50DEMA @ 17970 & 20DEMA @ 17900 otherwise further may retest 17800/777.
RSI almost at 56. Max Pain for Nifty is 18000 & PCR 1.32 that is immediate basis slight cautious for bulls.
On the Downside :- Below 18000 supports :- 17970 & then 17917 – 17885. Very major swing based supports are 17834—17777.
On the upside:- Strength above 18050 then resistances are :- 18100—18150 & swing based major 18185-18250.
As per options data the broader trading range of Nifty is expected in between 17700-18300.
India VIX rose 0.23% from 12.86 to 12.89 levels, still at support area & favorable zone for bulls but volatility and consolidation can't be ruled out.
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