Market Update
Harsh Patel
Founder
Will Nifty make a new All Time High? Read to find out where is market heading..
Nifty daily Chart
Support levels: 25490 Resistance levels: 26100-26300
Nifty bounced 1700+ on news of US-India Trade deal last week to 26300 from budget day low of 24571. taking support from 38.2% retracement level, however rest of the week nifty spent consolidating in No-trading zone of 25500-25900.
A breach above 25930 level today has confirmed continuation pattern on daily line chart, with theoretical target of 26800, however 26300-26500 to act as a crucial resistance zone.
Daily Line Chart
While the bullish view on charts suggest short-term sentiment in technical analysis, current Macro-economic situation warrants caution and reduce weak long positions on bounce.
Max OI seen in 26000 Call & 25900 Put suggesting a range for the day, a move above 26000 may take markets higher, OI analysis with PCR change to 1.18 suggest short-buildup in puts and short covering in calls.
Tradzo Research
Disclaimer: www.tradzo.in/disclaimer
