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Nifty closed in the red for the second consecutive session. In its recent action, the index has crossed above its 200-EMA after several days. The index also crossed above the 38.2 percent retracement level of the previous fall from 11,760 to 10,004
However, after rallying almost 8 percent from the recent low of 10,004, the benchmark index is looking a bit tired and fallen back below both 38.2 percent as well as 200-EMA in its latest action. In fact, hanging man pattern on Monday has initiated a pause in the rally.
On a closer look, we can observe that Nifty is moving within a broadening wedge where it is currently trading in the midway of the wedge. In addition, a bearish crossover of 21-EMA and 50-EMA is visible on the hourly chart of the Nifty which suggests a waning bullishness.
On the options front, a highest open interest is seen at 10,700 CE which means it would be hard for bulls to take Nifty above 10,700 as of now. On the other hand, 10,500 PE has significant open interest to protect the levels from bears.
Going forward, the index is likely to consolidate in the range of 10500-10700. Any strong move is expected only beyond the bands only. On the lower end support zone is seen at 10510-10475; below that Nifty may fall towards 10350. On the other hand decisive move above 10700 may initiate a fresh uptrend.
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