INSUBCONTINENT EXCLUSIVE:
By Rajesh Palviya Where are We The derivatives data suggests the highest Call concentration and Call writing activity has been witnessed at
11,000 strike, followed by 11,200, which is likely to act as major resistance at the current juncture
The highest Put concentration and Put writing activity existed on 10,700 followed by 10,600 strike price, which signifies 10,700 and 10,600
are likely to act as support for March 2019 series
During the corrective action in recent past, the Nifty has managed to hold its last 10-12 weeks up-sloping trend line support on the weekly
chart and managed to hold multiple support around 10,580 which indicates the trend is likely to remain positive in the near/short term
But we may witness volatility.
What is in Store Nifty is trading in the range of 10,950-10,600 levels for the past 11 weeks indicating
Last week, the index formed a small bullish candle carrying either side shadows, representing an absence of strength at current levels
The chart pattern suggests that until the Nifty breaks below 10,700-10,660 support, the market is likely to continue its bullishness
Any weekly close below 10,600 would drag the index towards 10,500-10,350.
What Should an Investor Do Weekly and Daily strength indicators
are in the positive territory and quoting above their reference line, which supports bullish sentiment ahead in the near term
Nifty is expected to trade in range of 10750-11000 in forthcoming weeks with mixed bias
We advise buying stocks if Nifty corrects in the near/short term to 10800-10700 which is a strong support zone
Derivatives analyst, Axis Securities
