Tanushree Jaiswal
Ruchit JainStock specific unwinding leadi...
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11/03/2024
Futures and Options
Support for Nifty shifts at 19,800
5paisa Research Team
28th November 2023 - 06:46 pm
Post the extended weekend, our markets started the day marginally positive and traded within a narrow range. However, the last hour of the trade witnessed good momentum and the Nifty index surpassed the recent swing high and ended a tad below 19900 with gains of half a percent.
Nifty has been consolidating within a narrow range since the last few days where 19850-19900 has been acting as a resistance zone. But the index has kept the support intact and it is now on the verge of a breakout above this hurdle. A continuation of this up move in the coming sessions could lead to the momentum toward the 20000-20050 zone. The short positions in the index futures are still intact with over 75 percent of positions on the short side. A short covering of these positions ahead of the expiry could be the trigger that could lead the markets higher. The highest open interest for this weekly series is at the 19800 put option. Thus, the near support for Nifty has shifted higher to 19800-19780. Traders are advised to trade with a positive bias and trail the stop losses higher with the upmove in prices.
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