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BY A STAFF REPORTER
Yesterday after making a new life high on upside made at 16712 Nifty remained range bound amid volatility throughout session before closing on a flat note, ahead of expiry of August derivative contracts.
Nifty rose 10 points to 16634 and formed small bearish candle on the daily charts carrying a long upper shadow indicating profit booking at higher levels but continues forming higher highs - higher lows from the last three sessions.
Day’s low was 16617. Current Range 16600 to 16700 < +/- 50 points >
On the upside:-
We may expect another big move, but for that bulls need to hold 16600-16575 range and able to stay above 16700-720 mark then momentum possible towards 16800/900 levels. Positional projection upside 17000.
Initially Positive above 16666 then upper hurdles are at 16688 -- 16712.
Then Swing based extended break out hurdles are 16749--16777-16818.
On the downside:-
Any violation of an intraday support zone of 16600-575 levels may cause profit booking towards 16500-16400 levels.
Initially Negative below 16600 then lower supports are at 16575-16555 & 16535/517.
Below 16500 Swing based extended lower supports are *16454 - 16404.*Major life line support 16300.
Positional maximum expectation downside 16100.
Intraday Pivot level at 16655/16666.
According to pivot charts, S:- 16597 & 16559 & R :- 16692 & 16749.
Technical indicator suggests a volatile movement in the market in a small range between 16300-16700.
16300 is 20 dma support. Above 16700 uncharted.
Options data suggests a broader trading range in between 16800 and 16400 zones while an immediate trading range is in between 16700 and 16500 zones.
India VIX up by 2.35% from 13.19 to 13.50 levels.