Last Friday ultimately Nifty gave a range breaking strong re-bouncing taking support based buying.
Nifty jumped 1.5% or spiked 272 points to 17594 Day to day basis. It formed long bullish candlestick pattern on the daily charts with above average volumes which is indicating an upside breakout of the consolidation movement of last few sessions.
The hope for 25 bps rate hike by the Fed instead of 50 bps, rally in Adani group stocks, high FII inflow and better-than-expected services PMI data for February lifted sentiment. Buying was seen across sectors.
The Nifty closed above its 200-day EMA (exponential moving average) of 17580 for the first time in eight sessions last Friday. It took support & bounced back above the 200-day SMA (simple moving average). 17410.
Now on the Upside above 17600 the next resistance area may be at around 17700-17800, Major 18000.
Whereas on the downside 17450 is expected to be the support area & finally major 17250.
India VIX declined by 6.09 percent to 12.18 levels, down from 12.97 levels comfort zone for bulls.
Bank Nifty spiked 862 points or 2.13% to 41251, the highest closing level since February 16. It formed long bullish candlestick pattern on the daily charts.
On the upside, key resistance levels are above 41400 – 41550 and major 41700 to 41800. 42000 is the major resistance.
On the downside below 41000 supports are 40800, followed by 40600 // 40500.
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