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By a staff reporter:
Coming week - FED Policy suggesting another volatile week & we may see major Range Expansion in the market. Immediate Range 17400—17800 & Expanded Range 17100 to 18100.
Last week Monday initially Nifty low was 17270 & Bulls journey was started from there but that was charged more specially on Wednesday <15th Sep> after crossing 17450 upper edge of the previous consolidation phase 17250 to 17450 & that rally continued upto fresh all-time high 17793, crossing our tentative weekly barrier 17777. Considering low & high Nifty surged more than 500 points through out the week.
Relief package for the telecom sector, the announcement of a bad bank, strong FII inflow and massive short-covering were the major stimulating criteria for benchmarks to outperform.
But on Friday after 1st session <11.00 am> Nifty dipped around 250 points & closed at 17585, but still week to week basis 216 points or 1.24% up closing. Nifty printed a bullish candle formation on the weekly scale with minor upper shadow.
Day to day basis last day of the week on 17th Sep Nifty snapped a three-day winning streak and fell 44 points and formed a dark cloud cover sort of candle on the daily chart which is resembled a bearish reversal pattern by nature but confirmation is required.
Coming week is crucial & critical after our recent outburst. Investors remain cautious due to some weakness in Global markets dipped on Friday as a resurgent Covid virus, a Federal Reserve meeting next week
So, Possibility of some fighting in between bulls & bears -- consolidation or minor weakness in the coming sessions.
Technically at present :-
On the downside:-
Nifty Trend Deciding level 17490– whipsaw area & that will act as immediate support below 17537.
Very Short term basis as long as hold 17390-350 chances of further bouncing from lower ends.
But Short term basis bullish trend is still intact as long as Nifty sustains above 17250.
20DMA life line at 17100.
On the upside:-
17650 & 17750 may act as key barriers. Profit Booking is very likely around these higher belts. Fresh bullish strength will resume only break out above 17800. Then only 17900 – 18000+.
Options Chain implies that the Nifty’s wide trading range is 17300 to 18000, while the immediate trading could be 17400-17800.
India VIX week to week basis surged 9.25% from 13.94 to 15.23. Weekly Low 9.02 & High 15.65 that indicates volatile swings in the market ahead.
Weekly Pivot 13.30 current support of VIX. Resistances are 17.10—19.60—22.20 & 25.50.