Thursday’s session will see the 11,150 and 11,265 levels act as resistance points.
It is of critical importance for the index to crawl back above the 200-DMA as early as it can.
Along with signs emerging of a potential short-term bottom formation, Nifty remains oversold.
The 11,171 level is in the proximity of the 200-day moving average, which stands at 11,135.
The 11,300 and 11,385 levels will act as immediate resistance for Nifty on Friday.
Options data suggested that maximum Call open interest shifted from 11,300 to 11,200 strike.
The RSI on the daily chart stood at 33.43 and marked a fresh 14-day low, which is bearish.
With the expiry coming up this week, rollovers are going to influence the coming sessions.
The market is precariously poised once again for the week ahead.
Friday’s session is expected to see 11,700 and 11,735 levels act as resistance points.
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