By a Staff Reporter: Yesterday initially Nifty tested our tentative main support 17200 & gave a smart bouncing after 5 days consecutive huge fall. Nifty closed at 17503, up by 86 points day to day basis.
Nifty formed a bullish candle on daily scale but has been forming lower highs - lower lows.
17400/360 would be the key level that should hold & current pullback rally can continue up to 17600-17666/700 levels. But major 17777/830 mark – strong barrier.
On the Upside :- If Nifty Bulls able to stays above 17527 then Intraday basis 1st hurdle 17555 & 17576. Only above that expected pull back hurdles may move towards 17595. Swing based expected pull back 17643/666. Major 17700-17777 < Cautious zone difficult to cross >.
On the down side :- Intraday basis initially Negative below 17454/17424 then expected lower end supports are 17385/17365 & then major 17323—17288. Swing based major support 17250/210. If breaches then only more downside but positional Life line support at 17130-17050.
The Option Table data indicates decent support at 17300 and reasonable resistance at 17600.
India VIX yesterday tested the band upper edge 20 but closed at 18.01 up by 0.49 points. S:- 14.40-14.80.
Bank Nifty Spot made a double bottom at 36650 and saw a decent rally. Strength after crossing 100 dma 37025. Day’s High at Resistance 37448 & closed at 37272. D to D basis up 144 points.
Strength above 37333 & 37480. Then next resistances are 37666--37777. Major 38000. Fresh move only above that for upto 38400. Weakness below 37000-- then only 36840-36720. Very Major —36650/530.
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