Nifty continued to climb higher as it closed at a new lifetime high
Tuesday , September 21 2021
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Pre Market session 7th September 2021

Nifty continued to climb higher as it closed at a new lifetime high

Despite being in overbought territory, Nifty continued to climb higher as it closed at a new lifetime high. The market saw a better than expected start to the day as it opened on a higher and more resilient note than its peers.

However, the index made an intraday high in the opening minutes of the session and pared some of its early gains. The index spent the entire session in a sideways trajectory, as it rallied in the 30-point range throughout the day.

Taking no direction at any point in time, the headline index closed with a marginal gain of 54.20 points (+0.31 percent). The market is now showing some signs of a slowdown at current levels. The strike price of 17,400 witnessed the highest amount of call and put writing and this level is also currently maintained at the highest call OI. This means that the Nifty is most likely to strengthen around these levels, and in the process, will make the market more stock-specific in nature. Any fresh movement would only be above the 17,500 marks as the 17,400-17,500 area has acted as a potentially strong resistance.

Volatility continued to edge higher; India VIX rose 3.87 percent to 15.1050. The 17,400 and 17,485 levels are likely to act as major resistance points in Tuesday’s session, while support is likely to lie at the 17,330 and 17,240 levels.

The relative strength index (RSI) on the daily chart stood at 83.39; It resides in the overbought zone. The RSI is neutral and shows no divergence against the price. The daily MACD is bullish and above the signal line.

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About Dwipen Gogoi

Dwipen Gogoi, MBA (IB and IT) and PGDFT from Pune. (Technical Analyst of AliceBlue) I am a You Tuber, Blogger and doing Technical Analysis last 10 years in Stock, Commodity and Forex Market. i am creating various trading strategies for day traders, swing traders, scalp traders.

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