In the previous note, zone 15,850-15,900 act as a solid resistance in the market. The Nifty50 index went back from these levels while trading exactly on the expected line. Step into the penultimate day of the expiration of the current derivatives series. Sessions can continue to be affected by rollover-centric activities. Volatility remained close to the lowest point. India VIX It was 14.7375, down 2.14%. Unless the 15,850-15,900 zones are removed, the market will continue to face higher levels of profit-making and bouts of resistance.
On Wednesday, you may see levels of 15,835 and 15,890 acting as resistance points. Support is low at the 15,680 and 15,610 levels.
The Relative Strength Index (RSI) of the daily chart is 63.96. It remains neutral and shows no difference in price. The daily MACD is bearish and stays below the signal line. A shooting star appeared on the candle. This is not a very classic shooting star, as the shadow above is not long enough. However, today’s candles are very similar to classic shooting stars. It formed as the market opened higher and became stronger, but ended near highs to lows.
Overall, current price behavior in the market has strengthened the 15,850-15,900 zone as one of the major hurdles and strong resistance to the market for the foreseeable future. This means that as long as the Nifty50 is below this zone, we will continue to find selling pressure at a higher level. In addition, sustainable bounces only occur if the index has passed this zone satisfactorily.
as long as Nifty If the index is below this zone, there is a good chance of a fix move. Moreover, given the fact that volatility remains very close to recent lows, volatility is likely to skyrocket in the future. In any case, aggressive purchase is not recommended. We encourage you to continue to be cautious in the market while keeping all your exposures at a reasonable level.
(Milan Vaishnav, CMT, MSTA are consulting technical analysts and founders of Gemstone Equity Research & Advisory Services in Vadodara. His contact information is email@example.com.)
Trade regime: Nifty faces strong resistance at 15,850-15,900 in the short term
https://economictimes.indiatimes.com/markets/stocks/news/trade-setup-nifty-faces-strong-resistance-at-15850-15900-in-immediate-short-term/articleshow/83751274.cms Trade regime: Nifty faces strong resistance at 15,850-15,900 in the short term