What changed for the market while you were sleeping? 15 things you should know

What changed for the market while you were sleeping? 15 things you should know

Bulls charged on D-Street from the word go as they helped Nifty to climb 10,550 as well as 10,600 levels on closing basis. The index which made a bullish candle on the daily charts formed a Hammer-like pattern (not exact) on the weekly charts.

The Nifty is now trading above its crucial short-term moving averages and today’s intraday low of 10,524 will be of big importance in the coming week, suggest experts. A break below this level could again put further pressure on the index amid expiry week volatility.

On the upside, the next target for the index is placed at 10,733 levels but bulls will be able to take full control of the index if it surpasses 10,929 which was recorded on May 15, 2018.
The Nifty which opened at 10,533 slipped marginally to hit an intraday low of 10,524. Bulls took control of the index and pushed Nifty above 10,600 to hit an intraday high of 10,628 before closing the day at 10,605, up 91 points

“It was heartening to see bullish Hammer formation on weekly charts as markets recouped 100 percent of the losses witnessed in the first three sessions of the week with back to back strong bullish candles of last two sessions. This V-shaped recovery on an accelerated path, after hitting a low of 10,417, is raising hopes of a bottom around 10,417 levels,” Mazhar Mohammad, Chief Strategist – Technical Research & Trading Advisory, Chartviewindia.in told Moneycontrol.

India VIX fell down up by 4.46 percent at 12.55 levels. On the options front, maximum Put OI is intact at 10,500 followed by 10,400 strikes while maximum Call OI is placed at 10,800 followed by 11,000 strikes.

According to Pivot charts, the key support level is placed at 10,543.47, followed by 10,481.73. If the index starts moving upward, key resistance levels to watch out are 10,647.47 and 10,689.73.

The Nifty Bank index closed at 26,273.6. The important Pivot level, which will act as crucial support for the index, is placed at 26,094.8, followed by 25,916.0. On the upside, key resistance levels are placed at 26,389.0, followed by 26,504.4.

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