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New Update
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By a staff reporter :
Yesterday finally after breaking the upper edge < 17450~> of 6 days consecutive consolidation phase Nifty hit fresh record high of 17532 and ended at a fresh closing high of 17519 with gains of nearly one percent or +139 points forming a bullish Engulfing candle on the daily chart.
Bulls were charged initially & Market sentiment was further boosted above 17450 & specially above 17500 mainly by the government announcement of Rs 26,058 crore production linked incentive for auto sector and moratorium of four years for the payment of aggregated gross revenue (AGR) dues for telecom companies.
After crossing the break out hurdle 17400-450 range Nifty bulls not only achieved all intraday targets but also able to hold & close above 17500 which indicates that the uptrend may continue to *17555-576.*
But *Now on the Upside* :- *17555-576 is the whipsaw area – profit booking may come initially.*
Bulls and Bears will fight for very important crucial range of 17576-600. If Bulls able to hold this range then that will be decided for another next 200 points move in Index. Above this level, the index could rally up to 17620-655 & then 17732-17777.
*On the downside* if bears active below 17466-444 may trigger a quick intraday correction towards 17400. Major support 17355/333.
Bulls should cautious at higher ends as intra basis but any dip near the mentioned support zones can be again a fresh buying opportunity.
*The Option Table* data indicates decent support at 17400 and reasonable resistance at 17600.
*India Vix* yesterday Closed almost flat at 13.73 up by 1.14%. Day Low was 12.37. Current range 12/12.55 to 14.55/15.50.
Bulls were charged initially & Market sentiment was further boosted above 17450 & specially above 17500 mainly by the government announcement of Rs 26,058 crore production linked incentive for auto sector and moratorium of four years for the payment of aggregated gross revenue (AGR) dues for telecom companies.
After crossing the break out hurdle 17400-450 range Nifty bulls not only achieved all intraday targets but also able to hold & close above 17500 which indicates that the uptrend may continue to *17555-576.*
But *Now on the Upside* :- *17555-576 is the whipsaw area – profit booking may come initially.*
Bulls and Bears will fight for very important crucial range of 17576-600. If Bulls able to hold this range then that will be decided for another next 200 points move in Index. Above this level, the index could rally up to 17620-655 & then 17732-17777.
*On the downside* if bears active below 17466-444 may trigger a quick intraday correction towards 17400. Major support 17355/333.
Bulls should cautious at higher ends as intra basis but any dip near the mentioned support zones can be again a fresh buying opportunity.
*The Option Table* data indicates decent support at 17400 and reasonable resistance at 17600.
*India Vix* yesterday Closed almost flat at 13.73 up by 1.14%. Day Low was 12.37. Current range 12/12.55 to 14.55/15.50.