Nifty has been consolidating from the last two trading sessions between 17200 and 17370 levels. Since Nifty has corrected around 400 points from last week, according to me a quick pullback is expected anytime soon. The overall trend is still bearish and with Nifty trading below 44-EMA on the daily chart. Nifty has to close above this level for the further upward rally until then Nifty will remain range-bound.
Keypoints for tomorrow trade
1. Key support and resistance level are indicated on the chart
2. On 15 min chart, Nifty has closed above 50-MA and 44-EMA
3. INDIA VIX has dropped 7.8% and settled around 15.8. If it falls around 15 a smooth upward movement is expected
4. RSI is in neutral territory for both 15min and 1-D charts.
Now that all the major international events are over, the market will look for national and international cues. Nifty has shifted its strong support to the 17200 level. Nifty has to hold this level for a further up move towards 17400-17500 levels. If the index breaches this level it might drag down all the way to 16950-16850 levels. Bulls have to lift the index above the 17350 level for further upside movement till then Nifty will remain range-bound.
THIS IS FOR INFORMATION ONLY, ACT WISELY
Keypoints for tomorrow trade
1. Key support and resistance level are indicated on the chart
2. On 15 min chart, Nifty has closed above 50-MA and 44-EMA
3. INDIA VIX has dropped 7.8% and settled around 15.8. If it falls around 15 a smooth upward movement is expected
4. RSI is in neutral territory for both 15min and 1-D charts.
Now that all the major international events are over, the market will look for national and international cues. Nifty has shifted its strong support to the 17200 level. Nifty has to hold this level for a further up move towards 17400-17500 levels. If the index breaches this level it might drag down all the way to 16950-16850 levels. Bulls have to lift the index above the 17350 level for further upside movement till then Nifty will remain range-bound.
THIS IS FOR INFORMATION ONLY, ACT WISELY