Last week was a second consecutive corrective week & 2nd bearish Engulfing candle formed as per weekly chart.
Nifty Week to Week basis corrected 443 pts or 2.50%~ & in 2 weeks correction 991 pts .
Last Week Monday Op:- 18229 then Wednesday High:- 18342 then in last 2 days correction, Low :- 17613 & Weekly closed at : - 17671.
Coming week is a special auspicious week & Bulls will expect that Nifty may bounce in such truncated festive week after almost 1000 points fall.
As on daily chart after deep correction & breaking below 20DMA 18000 mark almost reached to it’s next good support zone 50 DMA i.e. 17550 area, so as long as if able to hold that level <+/-50> then one can again expect decent pullback towards 17800-17900 zone, which may act as the immediate hurdles also on the higher side. Fresh Bullish move only possible above 18000 mark.
For coming week immediate expected Range 17950-17550.
Apart from the earnings, traders are closely watching the upcoming US Fed meet and auto sales numbers.
Technically
On the up side :-
If bouncing occurs then above immediate pull back hurdle 17777-800 – 1st Resistance = 17850-888 & above 17900 -- 2nd = 17950-978.
Next one is 20DMOV & 5 DMOV bearish cross section point = 18020 & major hurdle 18066 to 9 DMOV = 18111.
18100-18200 weekly basis whipsaw area. Swing basis strength will resume only above that then bulls aim to retest 18333-18400.
On the down side :-
If any pull back fizzles out around 17800-17850 range & further breaches 17666 then immediate below 17600 – main support 50dma at 17550.
17550 should hold as on closing basis but if breaks then only retracement based major support at 17400 to 17355.
Fresh negativity only below that - projected lower slabs are 17250—17130/050.
India VIX surprisingly weekly basis flat closing at 17.42 <-0.68%>
Took resistance at 20 & Sup at 14. Above 20 – other Resistances are 22 & 25.
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