On Friday Nifty declined 45 points to 17466, the lowest closing level since October 17 last year. Nifty failed to cross 17600 < initially high printed at 17599.75> 200DEMA acted as a barrier, slipped from there corrected upto day’s low 17421 & settled at 17465. This was the 6th consecutive bearish candle.
Technically, after 6 days consecutive fall as we are very close to the 200DSMA = 17370 & budget day’s low 17353 that to be acted as a vital life line support. If Nifty is able to maintain 17370-350 mark on the downside for coming sessions then the index would form a double bottom, which might trigger a market rebound. Otherwise more pain 17200-17000 can not be ruled out.
Intraday basis :-
On the Upside:- 1st Resistance 17500, if crosses then major 17550 & very major 17590 <200DEMA> & 17630 <5DSMA>. Traders should cautious at higher levels.
On the Downside:- As per weekly chart 50WEMA=17450 < immediate support> , if breaches then 17410 & major 200DSMA =17370 & Budget day’s low 17353 & 50WSMA = 17330. Therefore 17370-17330 is the vital support zone.
As per Option data expected wide range is 17000 and 18000, though near-term resistance at 17600 and support at 17400.
Inida VIX Closed at 14.19, W to W basis up 8.41% though on Friday cooled down, declined 5.9%. R:- 15/16 & then 16.70—17.40—18.20. S:- 13.70—12.90—12.20.
Bank Nifty Spot Finally settled at 39909. Day to Day basis down 92 pts or 0.23% & it formed a bearish candle on the daily charts but with higher highs and higher lows, indicating a possibility of a bounce back.
For coming sessions Bank Nifty’s expected broader range is 39400/500 and 40500/700. As the undertone remains bearish one should keep a sell-on-rise approach.
On the Upside :- 1st Resistance is 40000 i.e. Max Pain for Bank Nifty & Technically Trend deciding hurdle is 40250-350 <5DSMA>. Above that major 40500.
On the Downside :- 1st support at 39750. If breaches then only 39600/500<50WEMA> & fresh negativity below that & very major support at 39200<200DSMA>.
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