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Yesterday Nifty Spot after higher opening at 16281 printed initial low at 16246 & then within 10.00 am extended gain upto 16320 that was day’s high & then corrected upto 2.00 pm.Day’s low made at 16179. But in Final hour Nifty bounced upto 16270, almost 100 points recovery further erasing 62% of day’s fall & closing basis settled at 16258.
Nifty continued to consolidate for the second consecutive session with a lower top lower bottom and small body almost Doji type candle formation, taking support before 23.60% retracement level of recent rise i.e 16161 and taking also the Gap support at 16176. Nifty managed to close 20 points higher above 5 DMA 16236.
So Nifty established a fresh current trading range mainly in between 16150 to 16350 rounded after breaking previous long day’s range 15600-15900. Fresh directional move to be expected beyond that either side < +/-10>.
Though the advance-decline ratio decisively remained skewed in favour of bears but only positive thing was that the Nifty smartly recovered from intraday low of 16179 after almost testing the bullish gap zone placed between 16176–16146 levels. More selling pressure may arise if Nifty breaches decisively below the lower edge of the Gap 16146. Then Bears expected Targets to be placed at around 16040 -15960.
On the Upside :- whipsaw area 16250-16270
Bulls need to move above 16270 for a move towards 16290 - 16323 & then 16350 & Major 16380/394.
Swing based break out hurdles are above 16422—16470 & 16536.
On the Down Side :- whipsaw area 16241-16223
Bears will get active below 16223 for a move back to 16195—16166 & then 16146 & Major 16110.
Swing based break down supports are below 16099 – 16078 – 16040 & 15962.
The Option data indicates that the Nifty can see a broader trading range of 16000-16500 and an immediate trading range of 16100-16400.
India VIX remained flattish at 12.60.