After 2 Doji & 1 Hammer formation today expectation is positive opening amid Green US cues but all eyes on Fed meet.
Yesterday week started with lower open @ 17066 & that was day’s high. Then in the 1st leg of the session corrected upto 16828 then sharp recovery in last leg bounced upto 17008 & finally settled @ 16988. Day to day basis down -111 points & it formed a Hammer type candle with long tail indicating reversal, strength will resume after crossing the crucial technical hurdle 17035/17070 mark.
Important Retracement levels according to current fall 17772 to 16828 :-
17050—17180—17315—17414—17555 – these are to be acted as swing basis hurdles.
17035/50 is the short term trend changing hurdles. If crosses & stays above that subject to hold 16850/800 pull back possible & resistances are 17180—17255 & 17365. Fresh Negativity only below 16800 closing basis.
On the Upside expected Resistances are :- above 17035/50—17070/17100 & then 17150/17180 & then 17200-17255.
On the down side expected supports are :- 16940 & then 16880. Major support 16828/800.
Only below 16800 more bear grip, swing based supports are 16750/700.
Max Pain @ 17000 & PCR 0.65. Current RSI :- 34.60, more strength above 36.55.
India VIX @ 16 further up 8.4%. R: 16.91—17.85 & then major 18.50-19.70. S: 14.60—13.25.
Caution:- If the volatility remains on the higher side, the recovery if any, may not be sustainable.
Bank Nifty :- Yesterday after opening High @ 39512 the index drifted to 38941 but narrowed losses in the last hour of trade and closed 237 points down at 39361.
It also formed Hammer pattern on the daily chart, indicating some possibility of a reversal in the coming sessions.
It has to cross and hold above 39500 levels, to extend the bounce towards 39650-39777 & then Major 40000, while on the downside, support is placed at 39333 & then 39114 & 39000. Major support then 38888 & 38600 levels.
for opening dp and trading account online, please visit
/anm-english/media/post_banners/rZHYp3KsmGEMvhqb8fUN.jpg)
/anm-english/media/agency_attachments/AtBG5e3MoE629QYzhZen.png)