Nifty, which has been forming higher highs from the last nine weeks, today formed a bullish candle on the weekly charts as it broke out of the sideways consolidation move.
Now it has to hold above 18442 zones, for an up move towards 18600 and 18888 zones while on the downside support exists at 18333 and 18281 zones, said Chandan Taparia of Motilal Oswal.
Fear gauge index India VIX was down by 4.95% from 12.52 to 11.90 levels. Cooling off volatility gave strength to the bulls and aided the fresh leg of rally in the index.
Option data suggests a broader trading range in between 18200 to 18800 zones while an immediate trading range in between 18300 to 18650 zones.
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