Nifty out of narrow range after confirming golden crossover
Nifty finally broke the narrow range on upside and crossed the resistance level of 11,537. With this narrow range breakout Golden crossover of DMA50-DMA200 stands confirmed. Signals like MACD in positive zone, bank nifty closing very strong, Nifty closing high with higher volumes and India VIX at its lowest level in the last 6 months indicate that Nifty will maintain its strong position. Nifty is also seen in upward channel as shown in the chart.
On upside, Nifty will face resistance at 11670-11720 range followed by 11,850 before it takes its move to cross the lifetime high of 12,430. On downside, Nifty going below 11,408 is weak signal and below 10,880 is an indicator of pause to the present uptrend.
In derivative segment, the maximum open interest for call and put options indicate resistance and support at 12,000 and 11,300 respectively. Whereas, the upward indicates the trading range for the Nifty at 11511-12167 for the week ending Sep 4, 2020. Break of the range either side will set the Nifty move in same direction.
- Rajesh Ramchandani
NIFTY
On upside, Nifty will face resistance at 11670-11720 range followed by 11,850 before it takes its move to cross the lifetime high of 12,430. On downside, Nifty going below 11,408 is weak signal and below 10,880 is an indicator of pause to the present uptrend.
In derivative segment, the maximum open interest for call and put options indicate resistance and support at 12,000 and 11,300 respectively. Whereas, the upward indicates the trading range for the Nifty at 11511-12167 for the week ending Sep 4, 2020. Break of the range either side will set the Nifty move in same direction.
- Rajesh Ramchandani
NIFTY
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