Nifty formed a small-bodied bearish a candle with long lower shadow on the daily scale which indicates buying interest on declines but the absence of follow-up activities at higher zones. Now, it needs to cross and hold above 17777 zones, for an up move towards 17950 and 18081 zones whereas supports are placed at 17650 and 17500 zones, said Chandan Taparia of Motilal Oswal.
As Nifty formed a lower top for the second consecutive day, chart readers said 17870 – 17854 could be the trading range for the Nifty in the near term.
Option data suggests a broader trading range between 17400 to 18200 zones while an immediate trading range is between 17600 to 17900 zones.
India’s VIX moved down by 3.85% from 14.68 to 14.12 levels. Volatility has overall fallen from higher levels in the last six sessions and now needs to hold below 14 zones for market stability.
This news was written by Ms. Annapoorani Research Assistant at All India Legal Forum.