The Nifty formed a small positive candle with minor upper and lower shadows. Technically, this pattern indicates the formation of Doji-type candle, which is not a classical one. Normally, such a Doji pattern at the hurdle indicates caution for bulls.
“The short-term trend of the Nifty seems to have reversed up and the Nifty is currently placed at the crucial resistance of 25,200 levels. A decisive move above this hurdle could only open further upside towards the new all-time highs. Immediate support is at 24,900,” said Nagaraj Shetti of HDFC Securities.
In the open interest (OI) data, the highest OI on the call side was observed at 25,100 and 25,200 strike prices, while on the put side, the highest OI was at 25,000 strike price followed by 24,900.
What should traders do? Here’s what analysts said:
Hrishikesh Yedve, Asit C Mehta Investment InterrmediatesThe index, on a daily scale, has encountered trend line resistance and formed a green candle. As long as it remains below the…