Hence, a sustainable move above 19,900 levels could result in Nifty zooming towards new all-time highs in a quick period. Any dips from here could find support around 19,800-19,750 levels, said Nagaraj Shetti of HDFC Securities.
Open Interest (OI) data showed that the call side reflected the highest OI at 20,000 level, followed by the 20,100 strike prices. On the put side, the highest OI was observed at the 19,800 strike price.
What should traders do? Here’s what analysts said:
Jatin Gedia, Sharekhan
The broad range of 19,650 – 19,850 has been decisively broken on the upside, which puts the bulls in a position of strength. We expect the positive momentum to continue over the next few trading sessions and the next psychological level stands at 20,000 with a potential to stretch higher till 20,200. On the downside, 19,770 – 19,750 shall act…