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The Nifty50 continued its northward journey and registered a fresh all-time high of 11,760.20 during the Tuesday’s trading session.
Subsequently, the rise in crude oil prices along with the depreciation of Indian Rupee against US Dollar put pressure on the index which led to decent profit booking.
On daily charts, Nifty is forming a bearish divergence, therefore, the possibility of further profit booking can’t be ruled out even from current levels.
However, the daily higher top higher bottom formation is intact which indicate that the current trend is up.
At this juncture, Monday’s low of 11,595 will act as an immediate support and a break below 11595 will drag Nifty further lower towards 10530 – 11470 levels respectively.
On the higher side, the recent swing high of 11760 will act as an immediate hurdle above which index likely to rally towards 11835.
For September series, we expect overall markets to consolidate in the broad range of 11500-11850 where every pullback on the higher side can be utilized to book profit in trading long positions.
Call writing at 11800 and 12000 level strike option will prove as stiff resistance zone for nifty whereas put writing at 11600-11500 will provide strong support in the short term.
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