Nifty is showing resilience to any kind of corrective activity
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pre market session 27th july 2021

Nifty is showing resilience to any kind of corrective activity

Nifty took a flexible stance, traded in a narrow range, and ended the day with a marginal decline. The global setup was relatively weak, but Nifty saw a very resilient start to the day. It opened on a negative note but was much stronger than the prevailing SGX Nifty quotes.

In the morning trade, the market gradually moved into a positive zone. Nifty remained fairly calm and subdued and again in a narrow range slipping into negative territory.

The headline index closed with a marginal decline of 31.60 points, or 0.20 percent. A look at the chart shows that Nifty is showing resilience to any kind of corrective activity. However, as long as it consolidates, it continues to show heavy resistance in the 15,900-15,960 zone. Also, there was a lot of call writing at 15,800 and 15,900 even the call open interest in strike piled up.

.However, the 16,000 marks continued to hold the maximum call open interest to date. Market breadth remained negative as 30 out of Nifty 50 stocks declined.

Volatility rose 5.84 percent to 12.4500 as India VIX. In Tuesday’s session, 15,950 and 15,985 levels are likely to act as resistance points while support will come at 15,780 and 15,700 levels.

The relative strength index (RSI) is at 54.21; It remains neutral and shows no difference towards the price. The daily MACD is bearish and remains below the signal line. There was a spinning top on the candles. Such formations occur when there is very little activity on the trading day. Such candles usually have a small real body, which also reflects the erratic behavior of market participants.

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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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