Another day, another high. The Nifty scaled a new peak of 18,800 during intraday trade on November 30, the seventh straight session of gains helped by last-hour buying.
The Nifty started the day at 18,626 and remained in an uptrend. It gained strength in the last hour to hit an intraday record high of 18,816, and closed 140 points higher at 18,758.
The index, which ended the month with 750 points gains, formed a bullish candle on the daily charts and made higher highs for the sixth day in a row.
The index cleared its resistance of 18,750 and hit 18,800 in an intraday trade. All eyes are on 19,000 mark, considering the strong momentum.
Momentum indicator the Relative Strength Index (RSI) is trading well above the 60 mark, while moving average convergence and divergence (MACD) was trending upwards, with support at 18,600-18,500 levels, experts said.
" The hourly & the daily upper Bollinger Bands expanded along with the price action, which assisted the bulls today. Thus the Nifty is set to test 19,000 on the upside," Gaurav Ratnaparkhi, Head of Technical Research at Sharekhan by BNP Paribas said. On the downside, 18,700-18,600 is the short-term base.
On the option front, the maximum open interest was at 19,000 strike, which is expected to be crucial resistance for the Nifty in the coming days, followed by 20,000 strike, with Call writing at 18,700 strike then 19,400 strike.
On the Put side, there was maximum open interest at 18,000 strike, which can act as a crucial support, followed by 18,500 strike, with Put writing at 18,700 strike then 18,800 strike.
The data indicates that Nifty will trade in the 18,500-19,000 range in the coming session.
The volatility remained low, though the India VIX, or the fear index, rose by 1.41 percent to 13.81 levels.
The banking index
The Bank Nifty opened higher at 43,123 and but slipped to the day's low of 42,880 amid volatility. It gained strength in late trade to hit the day's high of 43,332. It rallied 178 points to end at new closing high of 43,231 and formed a bullish candle on the daily charts.
"The undertone remains bullish and one should keep a buy-on-dip approach as long as it maintains the support of 42,800 on the downside," Kunal Shah, Senior Technical Analyst, LKP Securities, said.
To resume the momentum, the index must surpass 43,500 on a closing basis, he said.
The broader market also ended higher. The Nifty midcap 50 and midcap 100 indices gained a percent each, while the smallcap 100 index was up 0.6 percent.
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