Below was our analysis for this expiry:
Nifty CMP: 17534
|Monthly||Bullish||Neutral||63 (Neutral to Overbought)||18000||16000|
|Weekly||Bullish||Bullish||58 (Neutral)||R1 -18000
|S1 – 16600
S2 – 16000
|Daily||Bullish||Neutral||76 (Overbought)||R1 -17500
|S1 – 17150
S2 – 17000
Chart analysis indicates Nifty is in Bullish trend. Weekly timeframe too turned positive from negative super-trend level which indicates Bullish view.
Outlook is Bullish, based on the strength of daily candles and positive cues from global markets & events.
But on a cautionary note, RSI on Daily time-frame indicates that market is in overbought zone. But as RSI in Weekly timeframe is near neutral which gives it more scope to trend in upward direction.
However, in coming trading sessions Nifty may consolidate, and Daily RSI level cools-off from 76 to 60 levels as market may not stretch much from these RSI levels at daily time-frame..
17500-17600 zone will act as major resistance zone in coming days. And 17150 & 17000 will support market.
Outlook is cautiously bullish. Market may consolidate in coming days. Can go long above 17500. Short if market falls below 17150.
In line to our analysis, consolidated for first trading session of this week on Monday.
Also, 17500 acting as resistance.
Nifty facing resistance at 17500 zone. All the long entries of OTM Put options must have given good return.
Support & Resistance for today’s expiry.
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