Index trend and stocks in action January 23, 2017
Chirag Gothi / 23 Jan 2017
On the daily chart, the Nifty has formed a long range bearish candle, which indicates bears are back in action with force. At present, the Nifty is trading around 61.8 per cent retracement level of down move from 8598.45 to low of 7894. The zone of 8310-8320 is a crucial support for the Nifty, and if it slides below this support zone, it will open up for further correction upto levels of 8270.
On Friday, the Nifty after consolidating in a range for the past 4-5 trading sessions, breached its crucial support level of 8370 and ended the session with losses of over 1 per cent. On the daily chart, the Nifty has formed a long range bearish candle, which indicates bears are back in action with force. At present, the Nifty is trading around 61.8 per cent retracement level of down move from 8598.45 to low of 7894. The zone of 8310-8320 is a crucial support for the Nifty, and if it slides below this support zone, it will open up for further correction upto levels of 8270. On the upside, the level of 8420-8430 is likely to act as a stiff resistance. The daily 14 period RSI has corrected sharply and has moved below 60 levels. As per bullish range theory which stands between 40-70, it seems RSI will drift to the lower range of the bullish range theory.
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