It was a volatile session for the markets but bulls gained strength in late trades as Nifty once again breached the 18,000 mark before ending a tad lower below the psychological mark. On daily and intraday charts, Nifty has formed a promising higher bottom formation. The market witnessed some volatile movements and an attempt to hold the 17900 level. The market shows that it is going to be crucial in the short-term scenario to sustain above the 18000 level.
If the market is able to sustain the level of 18000,
we can witness higher levels of 18100-18200. The momentum indicators like RSI
and MACD indicating positive momentum is likely to continue. The intraday
structure suggests 17850 could be the trend decider level for the bulls. Above
the same, the uptrend formation is likely to continue up to 18050-18150 levels.
On the flip side, below 17950 the uptrend would be vulnerable.
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Resistance: 18000, 18100, 18200
Support: 17900, 17800, 17700
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