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BY A STAFF REPORTER
Yesterday Nifty gave an another spectacular extended rally not only above 17000 but also climbed another milestone of 17150 for the first time amid further buying by FIIs post dovish Federal Reserve's stance.
Nifty jumped 201 points or 1.19% to 17132 and formed a long bull candle on the daily chart which is back to back for the second consecutive sessions.
Low made was 16915 so bulls managed to hold support 16900/16888 and did maximum targets on upside.
As almost 600 points very sharp upside breakout reverse rally after a small range movement occurred from 16565 in only last 3 consecutive sessions and as indicator RSI also moved up from 73 to 83~ mark – highly risky over bought stage so there is a higher possibility of at least minor consolidation or profit booking from the highs in the short term.
Though there is no indication of any tiredness at the higher levels and broader markets also showing some strength but still Traders should take a cautious stance – be very stock specific & stay in light – no leverage positions – better wait & watch & focus further after normal correction or consolidation.
17200-17300 should be a crucial resistance as upper band for this week whereas Immediate support may be placed around 17000-16900 levels.
Now Technically On the upside :-
17161 is important level which need to cross by Bulls for initially 17177/190 & then only swing basis 17222/255 & very Major at 17308/325.
On the downside :-
We can see reversal if 17161 is not crossed.
Bears will initially active below 17099 & mainly below 17059 for a quick move towards 17034-16980. Major swing based supports are 16940 & 16888/16830.
The Option Table data indicates decent support at 17000 and reasonable resistance at 17200.
India VIX rose yesterday, up by 9.03% from 13.32 to 14.52 levels.