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New Update
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BY A STAFF REPORTER
Last Friday Nifty formed a 4th consecutive bearish candle on the daily charts as it fell 0.35% or -63 points and daily as well as weekly closing settled at 18114.Last 2 days bottom 18048 & 18034 almost same which is very close of short term 20-day simple moving average (SMA) i.e. around 17950.
Hope that, last week’s nervousness may defend by Bulls at or before that crucial mark as Medium to long term structure is expected to remain positive.
For swing basis positional traders 17950 would be the key support level where as 18330 and 18400 may act as key resistance levels.
On the Upside Intraday basis :-
Positive if sustains above 18142 then expected Resistances are 18170 & 18207 Cautious area
If bulls able to sustains above 17210 then only 18236-18254 & 18267 possible.
On the Downside Intraday basis :-
Negative as long as stays below 18094 & more below 18060 then only expected lower supports are 18035 and 18001. Should not break it but if bears able to sustains below 18000 then 17975-950 vital one – 20dma/21 ema zone.
Option data indicated that the Nifty could see an immediate trading range of 18000 to 18200 levels in coming sessions, but reasonable resistance at 18400. 18100 is the battle area.
Coming week will be an expiry week, so volatility may be there because of rollover. Maximum Call open interest was seen at 18200 followed by 18500 & 18400 strikes, while maximum Put open interest was seen at 17500 followed by 18000 & 18200 strikes.
India Vix closed at 17.55, last Friday down by -2.72%. Sup 13.80 Res 19.30.
Hope that, last week’s nervousness may defend by Bulls at or before that crucial mark as Medium to long term structure is expected to remain positive.
For swing basis positional traders 17950 would be the key support level where as 18330 and 18400 may act as key resistance levels.
On the Upside Intraday basis :-
Positive if sustains above 18142 then expected Resistances are 18170 & 18207 Cautious area
If bulls able to sustains above 17210 then only 18236-18254 & 18267 possible.
On the Downside Intraday basis :-
Negative as long as stays below 18094 & more below 18060 then only expected lower supports are 18035 and 18001. Should not break it but if bears able to sustains below 18000 then 17975-950 vital one – 20dma/21 ema zone.
Option data indicated that the Nifty could see an immediate trading range of 18000 to 18200 levels in coming sessions, but reasonable resistance at 18400. 18100 is the battle area.
Coming week will be an expiry week, so volatility may be there because of rollover. Maximum Call open interest was seen at 18200 followed by 18500 & 18400 strikes, while maximum Put open interest was seen at 17500 followed by 18000 & 18200 strikes.
India Vix closed at 17.55, last Friday down by -2.72%. Sup 13.80 Res 19.30.
Source : Eureka
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