A decisive move above the hurdle of 19,300 could open the next upside target of 19,600 levels in the near term. Further weakness from here could find support around 19,000-18,950 levels, said Nagaraj Shetti of HDFC Securities.
The short-term trend of Nifty continues to be positive with rangebound action. The present upside bounce is expected to continue for the short term. The immediate hurdles to be watched are around 19,250 and the next 19,450 levels in the near term. Immediate support is at 19,050 levels, said Nagaraj Shetti of HDFC Securities.
The short-term trend of Nifty seems to have reversed on the upside and the sustainability of this upside bounce could be crucial to call this an important bottom reversal. Nifty is likely to move up further towards the next overhead resistance of around 19,230 levels. Any weakness from here could find support around 18,850 levels, said Nagaraj Shetti of HDFC Securities.
Open Interest (OI) data showed that on the Call side, the highest OI was at 19,000 followed by 19,100 strike prices, while on the Put side, the highest OI was at the 18,500 strike price.
The short-term trend of Nifty continues to be negative. Having placed the long-term support at the lows, there is a possibility of a small upside bounce from near 19,100-19,000 levels. A breakdown of 19,000 is likely to open the next downside of 18,600 levels in the near term. Any upside bounce from here could find strong resistance around 19,250-19,350 levels, said Nagaraj Shetti, Technical Research Analyst, HDFC Securities.