Rising above both the short-term and near-term moving averages, the headline equity index Nifty today formed a green candle after two days of consolidation. Now, it needs to hold above 17850 zones, for an up move towards 17950 then 18081 zones whereas supports are placed at 17777 and 17650 zones, said Chandan Taparia of Motilal Oswal.
The RSI momentum oscillator has entered a bullish crossover and Is rising.
Fear gauge index India VIX moved down by 3.84% from 14.12 to 13.57 levels. Volatility has overall fallen from higher levels in the last seven sessions and now needs to hold below 14 zones for market stability.
Option data suggests a broader trading range between 17400 to 18200 zones while an immediate trading range is between 17700 to 18050 zones.
This news was written by Ms. Annapoorani Research Assistant at All India Legal Forum.