On Monday, last Friday’s Hammer pattern’s bullish reversal expectation was completely negated. Though week started initially with a slight positive note @17421 & immediate basis high printed @ 17529~ from where morning up move restricted by 5DSMA and correction started from there. Through out the day bearish mode continued & at the last leg of the session day’s low printed @ 17113.Taking support from there Nifty slightly rebounded, high made @ 17198 but finally settled @ 17154.
Day to Day basis down -258 points or -1.49%, the biggest single-day loss since February 22, to close at 17154, the lowest closing since October 13’2022. It formed a very big bearish engulfing candle.
The index decisively broke previous swing low of 17255, seen on February 28, hence psychologically vital 17000 mark is the next level to watch out for. Technically, the market is in the cycle of lower lows – lower bottoms formation.
On the upside Resistances are :- Initial basis 17215-17265. Above that expected other hurdles are 17355 –17396 & major 17444/480<200DSMA> & very major 17523/580 <200DEMA>.
On the down side below 17113 other supports are 17035 & then 16860/800 & very major 16666.
As per Option Data the expected range 16800-17700 levels in the near term.
India VIX rose 20.89 % to 16.22 levels, highest since February 1. R:- 17.30-18.40 S:- 15.35-14.28.
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