Within the open curiosity (OI) knowledge, the best OI on the decision facet was noticed at 26,000 and 26,200 strike costs, whereas on the put facet, the best OI was at 25,900 strike worth adopted by 25,800.
What ought to merchants do? Right here’s what analysts stated:
Rupak De, LKP Securities
The Nifty traded inside a slender vary at the moment, taking a breather after a three-day rally. The short-term sentiment stays constructive, with the index staying above the vital 21-day EMA, supported by a bullish crossover within the day by day RSI. Nevertheless, for the rally to proceed, the Nifty should decisively break above the 26,000 degree. Till then, we count on range-bound motion, with the index fluctuating between 25,800 and 26,000 over the subsequent few days.
Hrishikesh Yedve, Asit C Mehta Funding Interrmediates
Technically, the index is oscillating inside a rising channel and is buying and selling close to the higher pattern line resistance of the channel sample, which is across the vary of 25,900-26,000 ranges, making them a robust hurdle within the quick time period. Subsequently, on the upside, 26,000 will act as a right away hurdle for Nifty. If the index sustains above 26,000 it may take a look at the degrees of 26,200. On the draw back, 25,600 will function a robust help for the index.
Tejas Shah, JM Monetary & BlinkX
Presently, Nifty is buying and selling across the psychological resistance of 26,000 and there’s risk of revenue reserving from this resistance in subsequent couple of days since a few of the technical indicators are in overbought territory on the quick time period (Hourly) charts that would result in knee-jerk reactions, infrequently. Nevertheless, the broader set-up continues to be bullish and therefore, put up some consolidation / correction, we must always see extra upside. Assist for Nifty is now seen at 25,850 and 25,650-700. On the upper facet, rapid psychological resistance is at 26,000 mark.(Disclaimer: Suggestions, solutions, views and opinions given by the consultants are their very own. These don’t characterize the views of Financial Occasions)