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When the stock prices move up and open interest on the counter also moves upward, it is taken as a sign of a long buildup. The signal is considered more reliable if the volume on the counter has also seen an increase.
Jay Thakkar says: “21,400 and thereafter 21,300 are the two crucial support levels for Nifty and if those levels are held, the probability of Nifty making a life high this week is quite high. 21,500 is an immediate resistance. It really needs to take off those levels, otherwise what will happen is Nifty may just consolidate this week within a price band of 21,300 to 21,600.”
The benchmark NSE Nifty 50 index gained 0.43% to 21,441 points, while the S&P BSE Sensex settled 0.32% higher at 71,336 points. Both the indices had fallen nearly 1% from their peaks hit last week
The roadshow, part of a series covering major cities in India and international destinations, aimed to attract global investments and promote Gujarat as an ideal destination for business, , Vibrant Gujarat Global Summit
Stocks to watch: Shares of firms like Varun Beverages, SpiceJet, BPCL, HCL Tech, RVNL, DOMS, and others will be in focus on Wednesday's trade.