Nifty opened lower than expected, while it opened on a positive
Tuesday , September 21 2021
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pre market session

Nifty opened lower than expected, while it opened on a positive

The index maintained its gains in morning trade. The market strengthened in the second half of the day and Nifty managed to cross the level of 17,800 in the last hours of trading. After marginal gains, Nifty finally closed with a net gain of 119 points or 0.76 percent.

Nifty options data gave interesting insights. The 15,700, 15,750, and 15,800 levels saw the opening of put writing as well as call open interest. Both these points indicate a move towards higher levels of support. On the other hand, the highest Call OI concentration was seen at 15,800 level and is now back at 16,000 level.

All this indicates that Nifty has opened some more upside space for itself, and at the same time, the 16,000 mark remains a major resistance point for the market.
A short-covering move may have moved support higher, but the 15,850-15,900 area remains a very hard resistance area. The 15,850 and 15,900 levels may act as major resistance, while support may lie near the 15,730 and 15,650 lows.

The Relative Strength Index (RSI) stood at 57.48 on the daily chart. It remains neutral and shows no difference in the price. The daily MACD remains bearish and is trading below 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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