Nifty had a good followed by strong global cues, the index trade higher throughout the session to end with a gain of 103 points at 17,936, its highest closing since August 18. Over all trend has become bullish and formed a bullish candle on daily chart. Until it breaks 17777 on closing basis, it has potential to cross psychological lvl of 18000 mark.
The index formed a small-bodied bullish candle on the daily charts. Bulls seem to be in a strong position and may be ready to push the Nifty beyond 18,000 soon with crucial support at 17,700-17,500 which is strong support as of now. IT and metal emerging as the biggest gainers. Banking sector was in a range bound.
"Although key indices are lacking a bit of momentum, the undertone seems strongly bullish and as a result, the Nifty is now within a touching distance of the psychological mark of 18,000. It's merely a formality now and would touch 18000 very soon.
A move towards 18,200–18,350 is on the card. This view remains valid as long as the Nifty defends 17,777.
The volatility index India VIX rose 1.24 percent to 17.94 levels.
The Bank Nifty started off higher & up by 158 points from the previous session.
It formed the Doji pattern on the daily charts, indicating indecisiveness among bulls and bears about the future trend.
The immediate hurdle on the upside is placed at 40,700 and once taken out will witness a swift move towards 41,500-41,800 levels.
Despite all, up move looks easy, but inside hurdles are also there, let's see up to what extend it becomes rock on bull path.
Option chain is also supporting above views, hence this expiry will be special on the Battle at 18k.
Looking forward bullish trend... Signing off for the day 💐