Yesterday Nifty Opened higher @ 16995 then corrected upto 16850 < Day’s Low>. Then after a volatile and range bound session zig-zag move with positive bias, higher top higher bottom formation occurred.
Nifty gained 13 points to 16986 and formed a Long Legged Doji pattern on the daily charts, indicating fight between bulls and bears after taking support at 16850 & expectation of reversal on upside.
Lower tops and bottoms continued in for the third consecutive session.
Intraday basis 1st Top of the spiral move @ 17047 & then 2nd higher top @ 17062.
Therefore, on the upside resistance are :- 17077—17110 <5DSMA> & then only fresh positive strength & then upper hurdles are @ 17150-17178--17225/255.
On the down side supports are :- 16950—16910, then major 16840.Fresh weakness below that & then may move towards 16777-16730.
Options data indicates that 16800 may act as support in the near term, while 17000 seems to be crucial for move towards 17300 and 17500. Max Pain = 17000. PCR 0.60.
India VIX fell 0.47 percent from 16.30 to 16.22 levels. Volatility is consolidating near 16 zones for the last three sessions.
Bank Nifty closed @ 39132 after a volatile session. with gains of 81 points and formed a Doji pattern on the daily chart. The index formed lower lows for the fifth session in a row.
On the upside, hurdles shifted lower to 39400/500 & then other Resistances are 39810—40000—40200.
On the down side, if it stays below 39400, weakness can be seen towards 39042 & below that Other supports are 38888-38750 and 38500.
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