Nifty gave up the bulk of the gains till the end of the session
Tuesday , September 21 2021
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pre market session 15th september 2021

Nifty gave up the bulk of the gains till the end of the session

The domestic equity market continued to strengthen for the sixth consecutive day on Tuesday as the Nifty ended the day with marginal gains. The market witnessed a positive start to the session as Nifty opened higher and made an intraday high point in the first hour of trading.

After that, throughout the session, the market saw the initial gains gradually subside. While no major weakness was observed, Nifty gave up the bulk of the gains till the end of the session. The last hour witnessed range-bound trading and the headline index ended with a gain of 24.70 points or 0.14 percent.

The market range was very good as 34 Nifty stocks closed on a positive note. However, the F&O data presented a mixed picture. Maximum call writing was witnessed during the session at the level of 17,450. However, it is the 17,400 level that had the highest concentration of Call Open Interest. This indicates a slight possibility that Nifty may try and test the level of 17,450. For this to happen, it will be important for the index to be able to cross the 17,400 level. Till this happens, the market will remain strong.

India VIX slipped 3.20 percent to 13.5750. Wednesday’s session is likely to see a steady start but the 17,400 and 17,445 levels are likely to act as potential resistance points. Support will come at 17,300 and 17,245 levels.

The relative strength index (RSI) on the daily chart stood at 81.20; It remains neutral and shows no divergence against the price. The RSI remains in the overbought zone. The daily MACD remains bullish and is above the signal line. Apart from a black body on the candle, no other major formation was observed.

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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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