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The Indian equity market continued its winning streak with a gain of about 0.75 percent on a week-to-week basis and managed to sustain its upward rally ahead of tomorrow’s August F&O expiry. Ahead of this expiry session, the Nifty on Tuesday registered a fresh high of 11,760, despite a negative market breadth, and ended the session at a record close of 11,738.
Regardless of a drag on select banks and FMCG, the buying regime in energy and IT space assisted the index to break out to uncharted price levels. After forming a small bullish candlestick pattern on daily chart in the previous session, the index made a ‘Doji’ kind of a pattern as it managed to rebound near its opening level after profit-booking at higher levels.
The daily relative strength index stood at 75 indicating a positive divergence while the moving average convergence divergence continued to trade above the signal line. The index is likely to face resistance at 11,835-11,768 levels as per pivot point, while support level is placed at 11,570.
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