By a staff reporter:
Last Friday Nifty opened at 17531.90 with a deep Gap down mode. After almost 50 points Gap down. Nifty initially printed low upto 17450/60 range but in 2nd half after 100 points recovery from days low closing was 17532 just below crucial 20Days simple moving average 17545.- trend deciding level.
As opening & closing almost same so, Nifty formed a small Doji kind of pattern on the daily charts indicating indecisiveness among the bulls and the bears, but as Closing was fractionally greater than opening so candle color green & small Hammer type which resembles chances of pull back or reversal in coming sessions but for that confirmation is required.
Nifty closed with around -0.50% or -86 points loss on October 1, the first day of October series, as the selling pressure was seen in banking & financials and technology stocks.
Market would remain volatile in the near future.
For Traders point of view the trading range would be 17650-17710 on the upside & 17490-17450 on the down side.
17750 & 17840 level would be the vital retracement based hurdles while 17400-17300 could act as support for positional traders.
As in Asia Nikkei <-1%> – Hang Seng <-2.50%> Red, China & Korea closed – so here opening may mute or slight positive but stability above 20dma 17545 is essential for further up move.
On the up side – Initially 17560-17620 whipsaw area - cautious zone.
As Intraday basis :- Positive above 17560 Tgt 17580-17600-17620.
Swing basis Bulls need to move above 17620 for a move towards 17650-17688-17711.
On the down side :- Initially 17523-17491 whipsaw area.
Bears will get active only below 17491 for a move towards 17470-17450.
Swing basis break down only below 17450 then 17424-17398 & 17366.
Positional 30dma strong support 17300.
The Option Table data indicates decent support at 17400 and reasonable resistance at 17700.
India Vix last closing was 17.21, intraday basis down -6.48%.
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