Nifty has to hold above 14,400 level to witness a fresh move towards 14,750 and then 15,000 levels, while on the downside, major support exists at 14,300 and 14,200 levels.
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Nifty opened positive on Friday and remained consolidative in a 50-point range, but showed strength to hold above the 14,000 mark. The index started the new F&O series and the new decade on a positive note, as it moved up steadily throughout the session to scale a new record lifetime high of 14,049.
Nifty continued its winning streak and formed higher lows for seven sessions. Now, it has to hold above 13,850 level to witness a fresh rally towards 14,200 and then 14,500 marks, while major support on the downside exists at 13,777 and 13,700 levels.
India VIX fell 7.30% from 21.09 to 19.56 levels. A cool-off in volatility below 20 level supports the bullish market setup and fuels the bulls with a higher market base.
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Nifty opened with a gap up on Monday supported by positive momentum in the global market and continued strengthening for the fourth consecutive session in a row. The index formed its lifetime high at 13,885 and managed to hold at higher levels. It moved in a range of 75 points and settled the day with a gain of 124 points. The index formed a bullish candle on the daily scale and has been making higher lows from the last four sessions. Now, it has to hold above the 13,750-13,777 zone to witness a fresh rally towards a new lifetime high of 14,000 and then 14,200 levels, while on the downside, major support exists at 13,700 and 13,600 levels.
F&O: Bulls stage a comeback; Nifty now has to hold 13,500
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F&O: Bulls stage a comeback; Nifty now has to hold 13,500By Chandan Taparia, ET CONTRIBUTORS
Last Updated: Dec 23, 2020, 05:03 PM IST
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Synopsis
Nifty has to hold above the 13,500 level to witness a bullish bias and move towards its lifetime high in the 13,750-13,777 zone, while on the downside, major support exists at 13,333 and 13,131 levels.
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India VIX fell 6.76 per cent from 21.98 to 20.49 levels. A cooldown in volatility from higher levels has given support for a decent bounceback. Now, it has to hold below 19 level to help the bulls continue their grip on the market.