On November 7, despite turbulence, the Nifty rallied in the last hours of trading while following encouraging global cues, resulting in its strongest close in ten months. With the exception of pharma, all sectoral indices supported the rally.
The index rose beyond 18,200 after the opening and reached a high of 18,255 before losing ground in the afternoon and falling to a low of 18,065 for the day. But in the final 90 minutes, the Nifty recovered to settle 86 points higher at 18,203, its best closing level since January 17.
and higher lows for a second session in a row.
With support between 18,000-17,900, the index is anticipated to advance gradually toward 18,350, the maximum level of 2022, however sporadic volatility cannot be completely ruled out, according to experts.
"The index has held above the previous swing high on the daily chart, indicating a sustained advance. The RSI momentum indicator has crossed over to the positive side. The trend may continue to be bullish in the near future, with a probable range of 18,300–18,600 "Senior Technical Analyst at LKP Securities, Rupak De, stated.Additionally, the market was helped by declining volatility. The India VIX, which gauges market expectations for volatility, dropped 0.44 percent to 15.59.
On the options front, the highest Call open interest was at a strike of 19,500, followed by a strike of 19,000, and the highest Call writing was at a strike of 18,200, then a strike of 19,000 With Put writing at 18,200 strike and 17,100 strike, the greatest Put open interest was at 17,000 strike, followed by 18,000 strike.
The analysis suggests that the Nifty could move between 18,000 and 18,500 in the near future.
Financial index
The Bank Nifty started the day roughly 500 points higher at 41,741 and finished the day trading in the green. On the daily charts, it created a small-bodied bearish candle and closed 429 points higher at 41,687.
As the closing was close to the opening level, the index displayed a Doji pattern on the daily scale, signalling uncertainty among bulls and bears over the direction of the market. However, it produced higher highs.As long as it holds the downside support of 40,800, the index will continue in buy mode. According to Kunal Shah, Senior Technical Analyst at LKP Securities, "the index once crosses above 42,000 will see a rapid short covering move on the upside into 43,000-44,000 levels."
Disclaimer: The opinions and investment advice given by professionals on Moneycontrol.com are their own and do not represent the position of the website or its administration. Before making any financial decisions, Moneycontrol.com urges customers to consult with accredited professionals.
As long as it holds the downside support of 40,800, the index will continue in buy mode. According to Kunal Shah, Senior Technical Analyst at LKP Securities, "the index once crosses above 42,000 will see a rapid short covering move on the upside into 43,000-44,000 levels."
Disclaimer: The opinions and investment advice given by professionals on Moneycontrol.com are their own and do not represent the position of the website or its administration. Before making any financial decisions, Moneycontrol.com urges customers to consult with accredited professionals.
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