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After a long weekend, the index opened on a positive note and rallied high and managed to close above 18000 marks at 18068 level with a gain of 151 points. While Bank Nifty closed at 39438 level with a moderate loss of 135 points. The Nifty witnessed selling pressure post a gap up opening. The selling, however, was absorbed near the hourly lower Bollinger Band. The bulls took control over there resulting in a sustained rally. On the way up the Nifty has crossed certain short term barriers. It has crossed the key psychological mark of 18000, 61.8% retracement of the recent fall and a falling trend line on the hourly chart. This shows that the short term range has shifted higher. The Nifty is expected to march towards 61.8% & 78.6% retracement of the entire decline from 18604 to 17613. The key Fibonacci levels are 18225 & 18390 respectively. On the other hand, 18000 – 17900 will now act as a near term cushion. On the technical front, the index has formed a hammer candlestick pattern on the daily time frame indicating a further uptrend. The stochastic indicator is witnessed with a positive crossover suggesting a northward journey. The index has also settled above the 21-days Moving Average, which further adds bullish momentum to the counter. At present, the index has a support at 17750 and resistance at 18250 levels. Index managed to close a day above its strong hurdle zone of 18k mark and formed a hammer candle pattern on the daily chart which stands for bullish reversal pattern so above 18100 we may see more extension in a current pullback. Going forwards 18k mark will act as a fantastic support zone also any dip around said levels will be again good buying opportunity with keeping stop out level below 18k mark on a closing basis, holding above 18k mark one can expect a good pullback towards 18200-18300 on an immediate basis which is again good hurdle zone on the higher side overall structure now looks buy on the dip.
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Resistance: 18200, 18300, 18400
Support: 18100, 18000, 17900
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