BY A STAFF REPORTER: Volatile session, Lackluster type – Narrow range movement making lower highs and lower lows for the third consecutive session taking support at the 17800-17777.
Yesterday Nifty declined 18 pts to 17827 and formed a bearish candlestick pattern on the daily charts.
Initially higher opening @ 17905 then immediate basis high @17925, failed to cross 5DSMA hurdle @17936 & crucial 50DEMA @17955. Slipped from there & continued falling mode through out the day corrected upto 17800 & finally settled @ 17827. Max pain @ 17900 & technically major hurdle 17950.
On the down side : as long as the index is trading below 17900 & specially below 17950, the weak sentiment is likely to continue and below 17800/17777 & it could slip to 17746—17703 & even 17666.
Current PCR 0.69. Current RSI as per technical indicator 47. After 4 days consecutive basis sharp fall from 18135 to 17800, though there is no confirmation of any higher bottom reversal at the lows but still we are now very close to the vital slab 17777.Current fall may reduce & slight possibility is still there of an upside bounce which is expected to emerge from the lows subject to hold support 17770-750 mark.
On the Upside:- Immediate basis resistances are 17861—17886—17909. If breaches that range then major 17936 & 17955. Crucial hurdle 18008 i.e. 50DSMA barrier.
But still traders should cautious at higher as current short to medium term trend is falling. So higher level may be used for further selling opportunity. Fresh bullish hope only above 18135 as on closing basis.
Option data also indicates that the Nifty may have a broader trading range of 17650-18100 in the coming sessions.
India VIX, was up 4.67 percent at 14.01 levels. It has been rising but still below crucial resistance levels 14.43-14.52.
for opening dp and trading account online, please visit
/anm-english/media/post_banners/zkvawPkf1kqMSN8CTzYE.jpg)
/anm-english/media/agency_attachments/AtBG5e3MoE629QYzhZen.png)