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The benchmark Nifty snapped its two-day losing streak and ended higher on Tuesday with gains of over half a percent at 11,008.05. After making a cautious start, bulls tightened their grip on the Indian equity market and traded in fine fettle on fresh buying by bulls after a sharp drop on crude oil prices, strengthening dollar-rupee and optimism over better Q1 earnings.
The Nifty is continuously trading above its 76.8 percent retracement level (January to March 2018 downfall), which indicates that it has the potential to move higher around 11,171 levels (lifetime high touched in January) with an immediate support at 10,890 (76.8 percent retracement levels of January to March downfall) and 10,849 (20-day exponential moving average).
The relative strength index (RSI) is trading at 63.04, showing positive movement. The moving average convergence divergence (MACD) is trading above the zero line with a positive crossover, which indicates that the bias could remain positive in the short term. The volatility index ended down 0.95 percent at 12.82. A decrease in VIX suggests limited downside and a consolidated upmove in the market.
On the options front, maximum call open interest of 35.72 lakh contracts is seen at strike price 11,000, followed by 11,200, which now holds 32.25 lakh contracts. Maximum put open interest of 48.76 lakh contracts is seen at 10,600 strike, followed by 10,800, which now holds 46.93 lakh contracts.
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