Tech view: Nifty forms White Candle on daily chart; may test 10,600 soon
, ETMarkets.com|
Dec 29, 2017, 05.15 PM IST
Equity benchmark Nifty50 concluded the last session of 2017 with a gain of half a per cent on Friday.
The index remained stable throughout and ended near the high point of the day. The 50-share index opened the day at 10,530 and swung between 10,538 and 10,488 before settling for the day 52.80 points higher at 10,530.
In the process, it formed a White Body candle on the daily chart. Technically, the index again managed to move past the 10,490 level and re-attempted a breakout.
There are chances that the resumption of this upmove would extend to the next session. If that happens, we will see Nifty test the 10,600-10,635 zone, after which it may halt at the 23-month-long trend-line, said Milan Vaishnav, Technical Analyst, Gemstone Equity Research and Advisory.
Mazhar Mohammad, Chief Strategist for Technical Research & Trading Advisory, Chartviewindia.in said if the bulls manage a close above 10,552 on the upside, then ideally the next target should be close to 10,650 level.
On the options front, maximum Put open interest in the January series stood at 10,300 followed 10,000 while maximum Call OI was at 11,000 followed by 10,700 strike.
The option band signifies a broader trading band between 10,300 and 10,700 for the coming sessions, said Chandan Taparia, Derivatives and Technical Analyst at Motilal Oswal Financial Services.
India VIX, the volatility index on the National Stock Exchange, moved up 3.02 per cent to 12.67.
The index remained stable throughout and ended near the high point of the day. The 50-share index opened the day at 10,530 and swung between 10,538 and 10,488 before settling for the day 52.80 points higher at 10,530.
In the process, it formed a White Body candle on the daily chart. Technically, the index again managed to move past the 10,490 level and re-attempted a breakout.
There are chances that the resumption of this upmove would extend to the next session. If that happens, we will see Nifty test the 10,600-10,635 zone, after which it may halt at the 23-month-long trend-line, said Milan Vaishnav, Technical Analyst, Gemstone Equity Research and Advisory.
Mazhar Mohammad, Chief Strategist for Technical Research & Trading Advisory, Chartviewindia.in said if the bulls manage a close above 10,552 on the upside, then ideally the next target should be close to 10,650 level.
On the options front, maximum Put open interest in the January series stood at 10,300 followed 10,000 while maximum Call OI was at 11,000 followed by 10,700 strike.
The option band signifies a broader trading band between 10,300 and 10,700 for the coming sessions, said Chandan Taparia, Derivatives and Technical Analyst at Motilal Oswal Financial Services.
India VIX, the volatility index on the National Stock Exchange, moved up 3.02 per cent to 12.67.
