Nifty opened a strong taking but had profit in the daytime which was trimmed and the 35 points were settled at 17,833.

The index forms a bearish belt detention pattern on a daily graph. The pattern is formed when the opening price is the highest point of that day and the index decreases throughout the session, making the body large. Candles will have a small or non -existent shadow and a small shadow.

The next obstacle for nifty is 17,992, this new high swing, while 17,786, low that day, will be very important for downside. If it is damaged, 17,500 will be the next support, experts said.Weekly, the index forms a pattern of bullish candidate, because it rises 1.7 percent for a week.

The price action since August 19 seems to have been going on like ‘flat’ in Elliot Wave with 3 movements on the negative side and the other three in the direction of the back trend.

If this observation is valid for faster than what then becomes downswing it must be revealed, with the final target to be below 17,166 levels, although confirmation is awaited in this case, “said Mohammad Mohammad, founder & head of market strategy on Chartviewindindia.

In order for the index to get momentum, it needs to be closed above 17,992 and then 18,114, for trends to support bulls. Until then, Bears can return at any time, he said.

Indian Vix Volatility Index dropped 3.20 percent to 17.71. It needs a little cooler so that the market is stable, experts said.

At the front of the option, the maximum open flower is fulfilled in 18,000 strikes followed by 18,500 strikes, while the maximum open interest is seen in 17,000 strikes then 17,500 strikes.

The writing of the call was seen in the strike 17,900 followed by 18,200 strikes, while marginal writing was seen in 17,800 strikes at that time 17,600 strikes.

Bank Nifty opened 300 points higher but consolidated throughout the session. It ended 207 points higher at 40,416, the highest closure in the last 216 sessions.

This index forms bullish candles on the weekly scale and gives the highest weekly closure, up 2.5 percent.

It must survive above 40,250 to March to 40,750 and 41,000, while support is placed at the level of 40,000 and 39,750, Chanda Taparia, Vice President | Analysts in Motilal Oswal Financial Services said.