The Nifty snapped a two-day losing streak and closed the weekly expiry session a tad above the vital 18,600 mark. It closed with bullish candle ended at 18609. Bank nifty made all time high and closed at 43597..so far nifty is concerned, support of 18500 should not be broken. If it remains in tact, 18750-800 may be next target. There is no significant change in the chart structure except for the narrowing down of the trading zone. As far as levels are concerned, 18,500 is a critical level to watch for on the downside, and till it is safeguarded, there is no sign of worry in the market. Close above 18700 , further upmove will be easy. Today Bnf supported nifty and it came out from consolidation zone. There is no major change in option chain, calls have been written at 19000-20000. While put writing seen at 18500-18000. This shows range of 18500-19000.
Banking sector is doing well and bnf made bullish candle on daily chart making ATH... Short sell ers trapped today. The bulls came back strong and knocked out the bears with full force surpassing the hurdle of 43,500 on a closing basis. The index confirms the continuation of the uptrend towards 44,000-44,200 levels on the upside.
On technical front, what I observed is that :
The inside body candle on daily charts is indicating non-directional activity and indecisiveness between the bulls and bears. For bulls, 18,675-700 would be the important breakout level to watch out for. And above the same, we can expect a quick uptrend rally up to 18,800-18,900.
The Nifty witnessed a brief consolidation in the range of 18,500-18,600 in the last couple of sessions & is poised for a recovery. In terms of the price patterns, the index has formed an Ending Diagonal pattern on the hourly chart whose follow-through is expected on the upside.
Bank nifty will continue its uptrend and will make new high in coming days... Enjoy the market with caution...
At Upper levels, profit booking may pause this trend. That's it for the day. 💐