On the derivative front, the strikes of 19,800 saw the highest addition of PE open interest and build-up. The trading day closed with an underperforming market breadth as only 24 out of the Nifty 50 stocks closed in the green, said Avdhut Bagkar Technical and Derivatives Analyst, StoxBox.
While 19850 is proving to be a tough resistance to break, the short- term trend of Nifty remains range- bound with a positive bias. A decisive move above 19850-19900 levels is expected to open a sharp upside towards new all-time highs
The short-term trend of Nifty continues to be range-bound. The present consolidation pattern could eventually result in a decisive upside breakout of the hurdle at 19900 levels from here or from slightly lower levels. The anticipated upside breakout could pull Nifty towards the new all-time highs. Immediate support is at 19,650 levels, said Nagaraj Shetti of HDFC Securities.
The short-term trend of Nifty continues to be range- bound. There is a possibility of some more consolidation or minor weakness in the short term before showing upside bounce from the lows.
The positive chart pattern like higher tops and bottoms is intact as per the daily chart and Thursday s swing high of 19,875 could be considered as a new higher top of the sequence. Hence, any decline from here could open a possibility of higher bottom formation around 19,600 -19,550 levels in the coming sessions, said Nagaraj Shetti of HDFC Securities.