Nifty: SGX Nifty is down by 100-130 pts ahead of today’s opening. The Nifty in an extreme volatile move opened with a gap up, stayed positive in the first session and then fell from high’s with intraday swing of more than 200 points and ended the session near low’s, closed negative with 25 pts, lost 0.15%, VIX rose above 21. Global markets remained volatile, and mixed across the region. Technically, Nifty has not sustained any rally in the last three sessions, a slip below now 16800 heading for larger downside move, and unless 17200 taken on upside the trend remains bearish. However with today’s event in the backdrop a surprise rally in the market cannot be ruled out, still any meaningfull pullback may only sustain above 17000. Index remains sell on rise near resistance. Intraday, Nifty will have support around 16727, and likely resistance around 16877. As per today's weekly data 16800 PE & 17000 CE remain crucial strike prices to watch. On an immediate basis 16767 remained supported and resistance around 16827.
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