NIFTY Analysis

A decent gap up opening of 65 points on Friday, Nifty reached to 15761.5, but couldn’t be managed to sustain at this level at sharply fell to 15450.9 in just less than 2 hours of market opening. In the afternoon season, Nifty manages to recover 230+ points and close at 15683.35. Showing that 15450 is a crucial support level for Nifty and if the market breaks that support then Nifty has to face huge damages. Nifty has formed a bearish hammer with no upper wick and shows the high volume availability of buyers. In the weekly chart, Nifty has closed 116 points down than the last week.
Support: S1 15630, S2 15450, and S3: 15370
Resistance: R1 15900, R2 16000 R3 16200

India Vix: India Vix has close at 14.79 which is a bit positive as compared to the last week’s 14.10.
As per the technical analysis and the open interest data information the range of the Nifty for the upcoming week would be between 15500 to 15900

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