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The near-term uptrend of Nifty is still intact and the market seems to have shifted into minor profit booking mode as per a smaller time frame chart. A move below 20,850 could slide Nifty towards another support of 20,700 levels (10-day EMA), said Nagaraj Shetti of HDFC Securities.
The short-term trend of Nifty continues to be positive, and one may expect further upside in the coming week. The next upside levels to be watched are around 20,510 (50% Fibonacci projection, taken from March 23 bottom-Sept 23 top-Oct 23 bottom).
The short-term trend of the Nifty remains positive. Having moved above the key resistance of around 19,600 levels, there is a possibility of Nifty advancing towards the next set of hurdles of around 19,850 and the next 20,050 levels in the near term. Any dips down to the immediate support of 19,500 could be a buy-on-dips opportunity, said Nagaraj Shetti of HDFC Securities.
It seems like a day doesn’t pass when there isn’t a news item regarding President Joe Biden’s age (80).
In terms of Open Interest (OI) data, the highest OI on the call side was observed at 19,600, followed by the 19,500 strike prices. On the put side, the highest OI was at the 19,000 strike price.