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The Nifty50 after opening above 11,100 levels remained positive throughout the session on global indices, although there was some volatility. The index gained Tuesday for the third consecutive session, forming a bullish bull on daily charts.
All sector indices participated in the rally except for IT and the bank. Metal rose 3%, followed by Pharma (+ 1.25%) and Realty (2.5%).
Enlarged markets also advanced, with the Nifty Midcap index gaining 1.3% and Smallcap 2.3%.
The Nifty50 opened higher at 11.109 and gained more strength to hit an intraday high of 11.143.40. He saw a certain margin of profit in the middle of the trade to reach the lowest of the day of 11.092.50 but did not return in the red. The index closed up 49.50 points to 11,134.30 and is at 37 points from its record of 11,171.55 observed on January 29th.
"It looks like it's a consolidation day, after a recent break on the stock markets, as Nifty50 has evolved" Mazhar Mohammad, chief strategist – Research and Trade Technical Advisory, Chartviewindia.in told Moneycontrol.
He said that these types of rangebound movements may be an indication of the decrease momentum for the pair of trading sessions that may cap the rise for the index between 11,150-11,171 sort of levels.
In addition to the price behavior of Bank Nifty, which hosts some of Nifty50's heavyweights, also signals a slowdown in Nifty50's momentum as it still struggles in the nine-day congestion zone without seeing an escape. He added
Therefore, it seems prudent for short-term traders to book profits and stay on the sidelines until more energy on the upward force emerges, said Mohammad. . "On the disadvantages, it seems essential that the index stays above 11,000 at the close."
India VIX fell 4.53 percent to 12.41 levels. Decline of VIX gave comfort to the bulls with a new consolidation breakout. The rise in the call-call ratio with decreasing volatility suggests that the putschists took the market in their stranglehold, according to experts.
On the options front, the maximum open interest was observed at 11,000 followed by 10,900 was at 11,200 followed by 11,100 on strike. The significant put writing was seen at the 11.100 strike while the call rollout was seen at all the immediate strikes with the main call fresh writing at 11.200 and 11.250 strikes. . The Nifty index continued its momentum and headed to 11,143 levels, which recently surpbaded its immediate hurdle of 11,080 and given a higher daily closing rate. He formed a bullish candle and managed to hold over his break-up zones, "Chandan Taparia, Associate Vice President | Analyst-Derivatives, Motilal Oswal Securities tells Moneycontrol
He's now saying that it's not going to happen. index must continue to hold above 11,080 zones to extend its gains to 11,171 then 11,200 long-term zones while the immediate support brackets are seen at 11,050 then
The Nifty Bank formed a candle of High-legged high-leg Doji as she remained highly volatile but underperformed the Nifty Index.
Taparia said the index must continue to hold over 27,000 zones to badist to 27,165 then 27,400 while on bearish support exists at 26,800-26,750 zones. "In the call writing and put of Bank Nifty, both seen during all the immediate strikes as buyers and sellers push them both to near 27,000 zones.
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