This was the 3rd week when Nifty was not able to move past its crucial resistance area.
In Wednesday’s session, 12,000 strike continued to hold maximum Call open interest.
The Relative Strength Index stood at 66.74, and showed a bearish divergence against the price.
Wednesday’s session may see a flat start, with 11,995 & 12,050 levels acting as resistance.
The 11,930 & 11,985 levels will act as resistance. Supports may come in at 11,840 & 11,750.
The 11,930 & 11,995 levels will act as resistance. Supports may come in at 11,850 & 11,800.
D-Street week ahead: Nifty faces stiff resistance; auto, FMCG topping out; metals, PSU banks, realty look steady
In the event of any corrective move, the trading range for the week is likely to remain wider.
The RSI on the daily chart stood at 61.05 and stayed neutral, not showing any divergence.
The highest Put open interest, which was earlier at 11,900, has shifted to 11,800 strike.
The 11,950 and 12,000 levels will act as key resistance. Supports are at 11,855 and 11,800.
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