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New Update
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Yesterday Nifty opened at 16518, then in 1st 30 min jerk High – Low fixed at 16550 & 16480 < day’s low >. Initial fall halt there & actually after halting & taking support from there contentious basis bullish bias mode maintained throughout the day. High Printed at 16589 & finally settled at 16563 up by 34 points day to day basis. Closing above crucial level 16550 and Nifty formed a bullish candle on the daily charts.
Though recent 427 points rally mainly in last 4 trading sessions from the lows of 16162 levels to a high of 16589, specially after breaking consolidation range upper edge 16360 dragged certain momentum indicators into the overbought zone and advance/decline ratio still remained negative, no broader market participation and rally basically supported by Metals, Reliance and HDFC hence caution should be there at every resistance levels but as long as Nifty Bulls prevent themselves above 16500-480 there are no apparent sell signals on lower time frame charts. Big move is expected.
For Intraday basis In case Bullish move :-
Positive on dips near 16555 to 535 < needs to hold > for initial Resistance 16590.
For more positivity stable crossing above 16590 is required & then the extended basis intraday hurdles are 16611—16640 & major 16666. Bulls should hold 16475.
Swing basis Very major hurdles are 16737-777 & 16820.
For Intraday basis in case Bearish move :-
Fresh weak below 16475 for initial supports of 16435—16410.
Swing basis Major support at 16360.
Though recent 427 points rally mainly in last 4 trading sessions from the lows of 16162 levels to a high of 16589, specially after breaking consolidation range upper edge 16360 dragged certain momentum indicators into the overbought zone
For Intraday basis In case Bullish move :-
Positive on dips near 16555 to 535 < needs to hold > for initial Resistance 16590.
For more positivity stable crossing above 16590 is required & then the extended basis intraday hurdles are 16611—16640 & major 16666. Bulls should hold 16475.
Swing basis Very major hurdles are 16737-777 & 16820.
For Intraday basis in case Bearish move :-
Fresh weak below 16475 for initial supports of 16435—16410.
Swing basis Major support at 16360.