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New Update
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By a staff reporter: Nifty Spot last closing was at 17369, week to week basis rose 45 points.
Spinning Top kind of small Red candle formation on the weekly scale as the closing <17369 > was near its opening level <17399> but below than that, indicating indecisiveness among bulls and bears. Hence expectation of another range bound trade could continue with Nifty facing resistance at 17500 levels and 17200 could act as a support. Range break beyond that either side.
For coming week all eyes will be on the global cues, coronavirus updates, domestic macro data and regular basis FII-DII Fund Flow Status.
An overall bullish theme is expected to continue with profit-taking in overpriced stock-specific counters. As a result, investors must continue to invest in fundamentally strong stocks for the long term.
Last week was a 4 days truncated week and within these 4 days Nifty was in a range bound stage. Upper edge of this range was 17450 & lower edge fencing was at 17250 and Nifty consolidated only within these 200 points narrow range. This consolidation was highly expected as previous of last week Nifty Bulls have given more or less 600 points mammoth rally from almost 16750 to 17350.
1st 3 trading sessions of last week Nifty printed spinning top/hanging man type small reddish candles but Thursday though initially corrected but forming a higher bottom from just above 17300 closed almost at day’s high <17379> and above 5dsma/3 dema i.e. 17350 forming a 1st green candle within the week in daily chart. 5 Day Ema 17300 acted as immediate basis & 3 Weeks Ema 17170/150 swing basis major supports.
On the Upside :-
Market is laying on the top of the highest peaks facing a ceiling near 17450. Any fresh break out above 17450 not only pull upto 17550/600 but also 17700 to even 17800. As these are the uncharted territory and no previous price histories are there so price projection in open sky is quite difficult but still bulls expecting aim to test the landmark of 17777 -18000.
On the down side :-
But if this ceiling actually acts as barriers then on the down side below 17250 may move towards 17180/170.
To maintain the current bullish uptrend initial basis bulls should hold that base 17170 which is 23.60% retracement level of 1000 points recent rally from 16400 to 17400 < rounded >. Any decisive break down of this base indicates more downside below 17100 < 13 dEma> – that to be extended upto 17000 or extreme basis 16900 < which is not only 50% retracement level but also very crucial 21 dEma >. Currently beyond that no need to judge more.
Therefore, as a summary weekly basis:- 17500 – 17200 <+/- 50 > may be a roughly range.
Weekly Resistances :- 17450—17535—17635—17717
Weekly Supports :- 17270—17171—17087---16988
Upper price band :- 17700/800 -- Middle band :- 17200 & Lower Price Band :- 17000/16900
Option data indicated that an immediate trading range for the Nifty could be between 17000 to 17500 levels.
India VIX, climbed above 15 mark during the week but finally settled down below 14 mark at 13.94, down from 14.54 levels on week-on-week basis as there was a consolidation throughout the week.
An overall bullish theme is expected to continue with profit-taking in overpriced stock-specific counters. As a result, investors must continue to invest in fundamentally strong stocks for the long term.
Last week was a 4 days truncated week and within these 4 days Nifty was in a range bound stage. Upper edge of this range was 17450 & lower edge fencing was at 17250 and Nifty consolidated only within these 200 points narrow range. This consolidation was highly expected as previous of last week Nifty Bulls have given more or less 600 points mammoth rally from almost 16750 to 17350.
1st 3 trading sessions of last week Nifty printed spinning top/hanging man type small reddish candles but Thursday though initially corrected but forming a higher bottom from just above 17300 closed almost at day’s high <17379> and above 5dsma/3 dema i.e. 17350 forming a 1st green candle within the week in daily chart. 5 Day Ema 17300 acted as immediate basis & 3 Weeks Ema 17170/150 swing basis major supports.
On the Upside :-
Market is laying on the top of the highest peaks facing a ceiling near 17450. Any fresh break out above 17450 not only pull upto 17550/600 but also 17700 to even 17800. As these are the uncharted territory and no previous price histories are there so price projection in open sky is quite difficult but still bulls expecting aim to test the landmark of 17777 -18000.
On the down side :-
But if this ceiling actually acts as barriers then on the down side below 17250 may move towards 17180/170.
To maintain the current bullish uptrend initial basis bulls should hold that base 17170 which is 23.60% retracement level of 1000 points recent rally from 16400 to 17400 < rounded >. Any decisive break down of this base indicates more downside below 17100 < 13 dEma> – that to be extended upto 17000
Therefore, as a summary weekly basis:- 17500 – 17200 <+/- 50 > may be a roughly range.
Weekly Resistances :- 17450—17535—17635—17717
Weekly Supports :- 17270—17171—17087---16988
Upper price band :- 17700/800 -- Middle band :- 17200 & Lower Price Band :- 17000/16900
Option data indicated that an immediate trading range for the Nifty could be between 17000 to 17500 levels.
India VIX, climbed above 15 mark during the week but finally settled down below 14 mark at 13.94, down from 14.54 levels on week-on-week basis as there was a consolidation throughout the week.