Nifty Closed below crucial 18000 -17970 <50DEMA> mark at 17944 that was also exactly 5DSMA level.
As a lower opening at 17975 Nifty bulls initially faced hurdle at 18035 that was Day’s High & 50DSMA hurdle. Slipped from there as a 2nd consecutive basis correction & corrected up to 17884 that was Day’s low & exactly 9DSMA support. Slight recovery in last leg of the session & closed at 17944. Day to day basis down by 91 points, or 0.51%.
Nifty has formed a small-bodied bearish candle with long upper-lower shadow on Friday as a daily chart & if we consider last 3 days candles that indicates a shooting star type bearish formation also even after false break out on Thursday above 18000/18035. Last week’s 1st 3 days gain fizzled out from higher levels & erased 62% < 17880> gains in last 2 days.
A recovery is expected if Nifty stays above 17880 but on the higher end, 18040--18150 will act as resistances.
On the Upside :- Nifty Spot Positive above 17980 then Resistances are 18008---18040. Then Only Major Resistance 18080—18135. Very crucial barrier 18135-18200.
On the Downside :- Nifty Spot initially Negative below 17922 then Supports are 17900/17880. Then Only Major Supports 17845 -17808—17777/744.
As per Option Data Trading range 17800 & 18100. Max Pain 18000. PCR = 0.75. India VIX 13.09.
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