Currently, the LTTS is trading above its short and long-term moving averages. These averages are on a rising trajectory and are in the desired sequence, suggesting a strong trend. Notably, the daily RSI took support in the zone of 60-62 and experienced a sharp rebound, which is a bullish sign according to RSI range shift rules.
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Bank Nifty possesses resilient support near the previous spot accumulation range of 46750 – 46650. A stability over 47000 could trigger a positive rally on the expiry day.
In the Futures and Options (F&O) space, FIIs have drastically reduced their net shorts in Index futures, with the current week s net short position standing at a mere 47,000 contracts, compared to the previous week s high of 1.3 lakh contracts. These positions are signally further rally in the domestic markets.