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By a staff reporter :
Last Friday was the historic day for Dalal street, celebrated Diwali festival in advance as BSE Sensex crossed 60000 land mark & NSE also printed new peak which was very close of 18000 mark despite the weakness in Global peers.
Nifty opened with almost another 100 points Gap – 2nd consecutive Gap up around 17900 & new high printed at 17947.60 but this initial Teji not sustained, erasing the Gap through out the day maintained negative bias with narrow range of 100 points consolidation in between 17940 to 17820. Finally Nifty settled at 17853 up by 30 points day to day basis but chartically formed a reddish candle as closing below opening.
Though Friday’s movement was dull – narrow range based consolidation type but Nifty is maintaining it’s higher high higher bottom formation, successfully cleared the resistance of 17800 and is comfortably trading above the same.
So technically, bulls may hope that on the downside *17770 & basically 17700* could be the important support levels & that should hold & on the flip side, they may cross the crucial hurdle *18000 and even may test the major resistance 18200*.
*On the up side* immediate resistance levels are 17950-18000 & wide based resistance levels are 18100/ 18200.
*For intraday purpose Key Res levels are* :- 17888—17927—17947 & even 17970.
*On the down side* immediate support levels are 17800-17750 & wide based support levels are 17700/600.
*For intraday purpose Key Sup levels are* :- 17819—17799—17771 & even 17740.
*The Option Table data* indicates decent support at 17800 and reasonable resistance at 18000.
*India Vix* last closing at 16.92, day to day basis up by 1.93%. Day Low was 12.77 & High 17.33.