SHARE

After moving in a narrow range of 20-30 points for most part of the day, some fag-end buying aided the Nifty50 index on the National Stock Exchange to hit a fresh record high of 10,545 on Tuesday.

The index opened at 10,512 and touched an intraday low of 10,477 before settling at a record closing high of 10,531, up 38.50 points, or 0.37 per cent, from previous close. During the session, the index formed a bullish candle on the daily chart, but this did not result in any significant formations.

On the daily and weekly chart, the index is moving in an uptrend, forming higher tops and higher bottoms.

From its current levels, the Nifty50 is likely to extend its rally towards 10,580-10,600 levels. On the downside, the immediate support zone is between 10,450 and 10,500 levels, said Rajesh Palviya, Head of Technical & Derivatives Analyst, Axis Securities.

"We expect this buoyancy to continue on Wednesday. We still recommend staying modest on exposure and vigilantly protecting profit at higher levels," said Milan Vaishnav, Technical Analyst at Gemstone Equity Research and Advisory.

As the market is approaching F&O expiry on Thursday, there may be some volatility in coming trading sessions.

On the options front, maximum Put open interest (OI) stood at 10,000 followed by 10,400 while maximum Call OI was at 10,500 followed by 10,600.

Significant Put writing was seen at strike price 10,500 while fresh Call writing was seen between 10,550 and 10,700. A shift in Put writing as well as Call writing to higher strike prices suggests shifting of support. The options band signified a broader trading range between 10,400 and 10,600 over the next few sessions, said Chandan Taparia, Derivatives and Technical Analyst, Motilal Oswal Financial Services.

Original Article

[contf] [contfnew]

ET Markets

[contfnewc] [contfnewc]

The post Tech view: Nifty forms bullish candle on daily chart; may continue to rally appeared first on News Wire Now.

LEAVE A REPLY

Please enter your comment!
Please enter your name here