After trading in the range of 19300-19467 since the start of
the last week, Nifty opened above 19500 in the one-hour Muhurat Trading at 19547.
Sustained above 19500 level throughout and closed at 19526, amidst low volume. It
gained over 100 points and this gain was led by IT and PSUs stocks.
Dow Jones, S&P500 and Nasdaq soared and ended up with big
gains on Friday as treasury yields calmed. Mixed signals from the Asian Market,
as Hangseng, KOSPI, Nikkei and Shanghai Composite opened at a gap up but have
fallen below the previous closing except Nikkei. Gift Nifty is currently
trading up 55.5 points.
A Flat opening indication. On daily chart, it has entered
above 0.5 area of Fibonacci retracement drawn from its high of 20230.65 and low
of 18837.85. On the upside, if it breaks 19547, it could move towards 19600
level. On the downside, if it breaks 19510, it could move towards 19464. 19400
will act as a strong support. Significant call writing at the strike of 19600
and 19800 level and put writing at 19400 level.
If it holds above 19500 level, there is higher possibility
that index could move towards the 19850 level, from where stronger bullish
momentum can be realized.
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