RSI indicated a bearish crossover, suggesting a potential decline in the market. Now, Nifty has to hold above 19400 zones to extend the move towards fresh all-time high levels of 19525 and 19600 zones, while on the downside, support is intact at 19333 and 19250 zones, said Chandan Taparia of Motilal Oswal.
India VIX was down by 3.90% from 11.46 to 11.01 levels. Volatility sunk lower and is hovering near its lower band, which may support the bulls near-immediate support zones.
Options data suggests a broader trading range between 19100 to 19700 zones, while an immediate trading range between 19300 to 19550 zones.
What should traders do? Here’s what analysts said:
Rahul K Ghose, Founder & CEO – Hedged
The Nifty derivative data is hinting towards an expiry above 19300 for both this weekly…