The near-term uptrend status of Nifty remains intact and there is a possibility that Nifty may move towards the 19,200-19,300 levels again in the coming sessions before consolidating again from the highs. Immediate support lies around 19,050-19,000 levels, said Nagaraj Shetti of HDFC Securities.
The OI data showed that on the call side, the highest OI was observed at 19,200, followed by the strike price of 19,500, while on the put side, the highest OI was observed at 19 000 strike price. On the other hand, Bank Nifty has support at 42900-42700 while resistance is placed at 43350-43500 levels.
What should traders do? Here’s what the analysts say:
Kunal Shah, senior technical and derivatives analyst at LKP Securities
Nifty formed a Doji candle on the daily chart, reflecting a state of indecision as a battle between the bulls and bears unfolds. Downside support is apparent in the 19,000-18,900 range, with further sell entries visible for the upcoming weekly expiration. Immediate resistance lies at the 19,200 level, and a breakout there could trigger further short covering, potentially propelling the index towards 19,300-19,350.
Avdhut Bagkar, StoxBox
On the derivatives front, the 19150 strikes saw the largest addition of open buying interest, indicating that the area will act as immediate resistance. Nifty50The entire stock market closed on a good note as only 8 stocks closed in the green.
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(Disclaimer: The recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of The Economic Times)
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