Black Friday, negative Global cues as SVB plummeted. Monday expectation of another weak opening. Friday started with a sharp Gap down. Opening Gap in between 17573 -17444. Initially day’s low printed at 17324 and then almost 100 points recovery but then rest of the day maintained narrow range bound mode with negative bias mainly in between 17445-17365.
Day to Day basis down 1% or -177 points and formed a Bearish Candle but Hammer Pattern which indicated a signal of bullish reversal testing the good support but confirmation is required.
Current trend negative & previous week’s rally almost erased in last 2 days. Failing to cross 50DSMA 17825/800 mark in 2 days breached all other important moving averages - 30 & 20DSMA @ 17700, 5 DSMA & 200 DEMA @ 17600, 9 DSMA @ 17500 & even broke 200DSMA 17435.
Now On the down side :- Immediate support at 17350-17325. If breaches 17300 then Other Major supports are 17270-17247. Very Major 17212.
On the Upside :- Initial hurdle 17456-17475 & then 17515. If breaches then Major 17592 & 17650.
Max pain & Pivot level 17400 & immediate range 17500—17300 & wide basis range 17600-17200. Strategy should be cautious at higher levels & focus only on strong dips.
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