Nifty: SGX Nifty is down by 200-230 pts ahead of today’s opening. The Nifty in an extreme volatile move opened with gap down, recovered in first session and than fell from high’s with intraday swing of more than 200 points and ended the session near low’s, closed negative with 180 pts, lost 1.06%, VIX rose above 22. Global markets remained volatile, and positive across the region. Technically, Nifty breaks 16927 and formed gravestone doji on daily timeframe, a possible bearish reversal could come if the index sustain above 17k with strong support around 16800. Any meaningfull pullback may only sustain above 17000. Index remains sell on rise near resistance. Intraday, Nifty will have support around 16927, and likely resistance around 17077. As per today expiry data 16800 PE & 17000 CE remain crucial strike prices to watch, with expected expiry b/ 16950-17050. On an immediate basis 16887 remained supported and resistance around 17027.
(Delayed Update)
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