IGI Logo

Nifty

Breakdown below the Inside bar in yesterday’s session is a sign of continued weakness within the downward sloping channel range of 17100-16060with 16500 being the mid point of the range. ‘Risk Off Trade’ is likely to have an upper hand until the dust settles around the ongoing geopolitical tusslewhich could keep the crudeoil prices elevated. Commodity & rising energy prices continue to mount higher affecting the global equity markets. Therecent breakdown GAP below its multiple support zone of 16820 is expected to act as an immediate resistance zone going forward. Further escalationon the geopolitical front may be detrimental for the equity markets across the globe. With both the trend strength indicators exhibiting towardsfurtherweakness any slippages below 16400 on an immediate basis could push the index back towards 16060 zone. With India VIX ( Fear Index) closingabove30 mark is not a healthy sign & warranting towards instability in price action going forward. Its ideal to await for further clarity to emergebeforedeployment of any further positions. Remain cautious & await for cool off in volatility before deployment of any folio longs on an immediatebasis. Forthe day 16060-16340 could be an intraday range while further slippages below 16060 on a close would push the index lower towards 15850-15600zonein the coming week itself.

To Read Complete Report & Disclaimer Click Here

Please refer disclaimer at https://www.tradebulls.in/Static/Disclaimer.aspx

Views express by all participants are for information & academic purpose only. Kindly read disclaimer before referring below views. Click Here For Disclaimer