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After notching record highs on Monday, benchmark indices showed signs of exhaustion at higher levels and extended the previous session’s negative journey.
The Nifty50 ended Tuesday’s trade on a pessimistic note as investor sentiment was largely battered by stretched valuations along with weak rupee and rising crude oil prices.
After making a cautious start, the index traded in a very tight range near the neutral lines for most part of the day before closing 62 points lower at 11,520.30.
The index formed a ‘Bearish Belt Hold’ kind of candlestick pattern.
As per the Dow Theory, the index has formed a lower top-lower bottom formation on the hourly chart and on the daily scale, the index has closed below the upward-sloping channel in the last two days, indicating a negative bias for next few trading sessions.
If Nifty trades below 11,500 level, then this downward momentum will continue towards 11,434 and 11,340 levels whereas 11,600 and 11,660-mark will act as immediate resistance.
The Relative Strength Index (RSI) on the daily chart is 54.86, falling from the highly overbought zone and the MACD is trading above zero line but with a negative cross which indicates that price may come down further in upcoming trading sessions.
The volatility index ended up by 2.9 percent to close at 13.78 but is still trading below its heedful mark of 14. A sideways move in VIX suggests a consolidated move in the market.
On the Options front, maximum Call open interest of 43.95 lakh contracts is seen at strike price 11,800, followed by 12,000 which now holds 31.13 lakh contracts and maximum Put open interest of 38.20 lakh contracts is seen at strike price 11,500, followed by 11,400 which now holds 35.71 lakh contracts.
As per the options data, the support level for Nifty is shifted lower compared to last week and the immediate support is seen around 11,500 to 11,400 levels whereas 11,800 will act as a strong hurdle in this expiry.
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