Yesterday Nifty dropped another 89 points to 17304 and formed a bearish candle on the daily charts, making lower highs and lower lows for the eighth day in a row. New low was formed at 17255 levels.
The index also closed below its 200-DSMA of 17383 as well as the budget day low of 17353.This was the first time in 20 weeks that the index settled below 200 DMA.
As per monthly chart index lost more than 2 % and formed a big bearish candle for the third straight month & in 3 months down 1600 points.
But market currently at oversold stage after continues selling pressure, the momentum indicator relative strength index (RSI) approaching the 30 mark. MAX Pain is at 17400. PCR 0.52.
Current trading range is 17450—17250. Beyond this range Swing basis fresh buying or selling.
Intraday Trading Levels:-
On the upside :- Positive above 17318 then Resistances are 17347, 17385 and 17424 & Swing basis above 17450 can see move towards 17487-17553-17596.
On the down side :- Negative Below 17250 then supports are 17225, 17199 and 17166/148 & Swing basis below 17147 can see move towards 17090—17040.
As per option data expected immediate range is 17500 & 17200, which will act as a crucial Resistance & Support levels.
India VIX climbed for the first time in four sessions, rising 1.04% to 14.02 levels from 13.88 levels.
Bank Nifty opened flat at 40303 and consolidated in the 40073-40391 range. It closed 38 points lower at 40269 and formed a Doji pattern on the daily charts, indicating indecisiveness. MAX Pain is at 40200
Intraday Trading Levels
Positive above 40300 the Resistances are 40428, 40562 and 40730
Negative below 40200 then supports are 40075, 39988 and 39800
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