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Bulls did brisk business on Tuesday as the Nifty touched a new record high in August F&O expiry week. The index has broken out above 11,700 and ended with gains of 0.40 percent to close at 11,738.50 forming a strong bullish candle on the daily scale, signalling strength and momentum in frontline stocks.
The index is continuously trading above its upward trend line (trend line drawn from June 28 to August 16 low) which indicates that this buying momentum may sustain on the higher side towards 11,800 levels, with immediate support seen around 11,620-11,600 levels.
A breach of 11,800 on a closing basis will indicate that the index has the potential to move higher towards 11,930 to 11,960 levels in the short term.
The index is continuously trading above its upward trend line (trend line drawn from June 28 to August 16 low) which indicates that this buying momentum may sustain on the higher side towards 11,800 levels, with immediate support seen around 11,620-11,600 levels.
A breach of 11,800 on a closing basis will indicate that the index has the potential to move higher towards 11,930 to 11,960 levels in the short term.
On the daily chart, the relative strength index (RSI) is trading in the overbought zone at 75.42, but no divergence is seen with the underlying price.
The daily moving average convergence divergence (MACD) is trading above the zero line with the positive cross of its signal line, which indicates that the bias could remain sideways to positive in coming trading sessions.The volatility index ended up by 1.53 percent at 12.42 but is still trading below the crucial 14 mark. A sideways move in VIX suggests a consolidated move in the market.
On the options front, maximum call open interest of 28.30 lakh contracts is seen at 11,800 strike, followed by 11,700 strike, which now holds 21.86 lakh contracts.
Maximum put OI of 37.03 lakh contracts is seen at 11,500 strike, followed by 11,700, which now holds 34.75 lakh contracts.
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