The market started the week higher on the back of positive global cues. Throughout the session, the Nifty remained more or less sideways before closing 58.60 points higher on Wednesday.
On the lower end, previous session high acted as the support for the index, whereas on the higher end, the Nifty approached 11,000 mark during the session. The daily momentum indicator, RSI (14) is in bullish crossover and rising with a current reading of 61.90.
On the options front, maximum open interest position is visible in 11,000 CE (39.61 Lakh
shares) and 10,000 PE (47.23 Lakh shares); whereas, notable open interest seen in 10800 PE (43.64 Lakh shares).
Going forward, the market may witness some volatility as the barometer index Nifty approaches towards the resistance zone which is currently placed at 11,000-11,100.
A decisive takeout of the said resistance zone is likely to induce a further rally towards 11,300. On the other hand, failure to absorb selling pressure at 11,000-11,100 zone may lead to a correction towards 10,700.
shares) and 10,000 PE (47.23 Lakh shares); whereas, notable open interest seen in 10800 PE (43.64 Lakh shares).
Going forward, the market may witness some volatility as the barometer index Nifty approaches towards the resistance zone which is currently placed at 11,000-11,100.
A decisive takeout of the said resistance zone is likely to induce a further rally towards 11,300. On the other hand, failure to absorb selling pressure at 11,000-11,100 zone may lead to a correction towards 10,700.
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