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Nifty fell more than 100 points on November 12 on the back of profit booking across the board to close at 10,480 levels. Though Nifty has corrected yesterday, Oscillators and Momentum Indicators for Nifty are still showing strength. From the bottom of 10,004, seen on October 26, 2018, Nifty has risen more than 600 points.
Next meaningful support for Nifty comes at 10,400, a 38.2 percent retracement of the entire upswing from the boom of 10,004, seen on October 2018 to high of 10,645 seen yesterday.
Nifty Mid-cap and Small-cap indices outperformed the Nifty during the month of November till now by rising by 1.5 percent and 3.2 percent, respectively, against the Nifty rise of 0.9 percent. Advance decline ratio also remained positive for five out of seven sessions in the month of November.
We believe that current trend of midcap and smallcap out performance is likely to continue for the coming few days.
For Nifty, the range of 10,700-10,760 has to be watched keenly on the higher side. 200-days SMA for Nifty is placed at 10,760 odd levels while previous top on the daily chart is placed at 10,710. This indicates that 10,700-10,760 range would act as a strong resistance.
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