The Nifty50 opened at 10,682.55 and closed roughly at the same level at 10,681.25. The index breached its 5-days exponential moving average to hit an intraday low of 10,597.10 but then bulls came to rescue and pushed the index back above 10,600. It hit a record high of 10,690.40 in trade today.
“However, if we read the weekly price chart in isolation then it is looking like a consolidation breakout with a decent bullish candle. Hence, a strong follow through in next trading session shall strengthen the bullish sentiment else market will continue its insipid way of trading going forward till it breaks down,” he said.
He is of the view that for time being traders can continue their bullish bets with a stop below 10592 on a closing basis and look for a target of 10,750.
India VIX fell down by 1.98 percent at 13.73. VIX has to hold below 13-12.50 zones to support the fresh leg of the rally with a smooth ride in the market.
We have collated the top fifteen data points to help you spot profitable trade:
Key Support & Resistance Level for Nifty
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Nifty closed at 10,681.2 on Friday. According to Pivot charts, the key support level is placed at 10,622.07, followed by 10,562.93. If the index starts to move higher, key resistance levels to watch out are 10,715.37 and 10,749.53.
The Nifty Bank closed at 25,749.1. Important Pivot level, which will act as crucial support for the index, is placed at 25,612.73, followed by 25,476.37. On the upside, key resistance levels are 25,830.33, followed by 25,911.57.
Maximum call open interest (OI) of 47.26 lakh contracts stands at strike price 11,000, which will act as a crucial resistance level for the index in the January series, followed by 10,700, which now holds 43.16 lakh contracts in open interest, and 10,800, which has accumulated 35.66 lakh contracts in OI.
Call writing was seen at a strike price of 11,200, which saw the addition of 2.78 lakh contracts, followed by 11,000, which saw the addition of 2.27 lakh contracts and 10,700, which saw the addition of 2.26 lakh contracts.
Call unwinding was seen at 10,600, which saw shedding of 3.26 lakh contracts, followed by 10,500 at 1.42 lakh contracts and 10,400, which saw shedding of 1.1 lakh contracts.
