Nifty key levels to watch for
After touching the lows of 11,185 during the week, Nifty managed to close above key level of 11,408. While the upward channel still remain broken since Aug 31, Nifty has been able to keep DMA50-DMA200 crossover intact. After 5 days of remaining below DMA20, it managed to close above this level on the last day of week. In view of this, one more trading session is required to confirm whether Nifty is able to hold DMA20 plus level or not.
Nifty is presently at the resistance line formed by the lows of Oct 2018-Sep 2019. Next resistance is seen at the range of 11,541-11,620, which is formed by upward moving resistance line of Apr 2020 & June 2020 highs. As the maximum open interest of call options stands at 11,500 strike levels, resistance level of 11,541 becomes even stiffer to break. Above is followed by the resistance at 11,686. Even if Nifty is able to break all these resistance levels, uptrend in Nifty can only be confirmed if it is able to break 11755-11780 range.
MACD remain weak since last 10 trading sessions. On downside 11,408 followed by 11,303 is key support to watch for. Maximum open interest for Nifty put options is at 11,300 making this level even stronger support. If this support is broken then 11,178 and finally 10,880 are the key levels.
#Nifty50
- Rajesh Ramchandani
Nifty is presently at the resistance line formed by the lows of Oct 2018-Sep 2019. Next resistance is seen at the range of 11,541-11,620, which is formed by upward moving resistance line of Apr 2020 & June 2020 highs. As the maximum open interest of call options stands at 11,500 strike levels, resistance level of 11,541 becomes even stiffer to break. Above is followed by the resistance at 11,686. Even if Nifty is able to break all these resistance levels, uptrend in Nifty can only be confirmed if it is able to break 11755-11780 range.
MACD remain weak since last 10 trading sessions. On downside 11,408 followed by 11,303 is key support to watch for. Maximum open interest for Nifty put options is at 11,300 making this level even stronger support. If this support is broken then 11,178 and finally 10,880 are the key levels.
#Nifty50
- Rajesh Ramchandani
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