Nifty outlook by EpicResearch

Nifty forms a Hammer pattern on the daily chart as bearish momentum halts at 10800. A kind of halt is seen to last few days selling pressure as 10800 acted as very strong support with bank Nifty weekly options expiry and a muted volatility. The market was able to surpass the open and close in green color as the 21 Day SMA placed at 10838 works as support.

A support trendline from previous swing lows, higher OI in Current and Feb contract worked for bulls. BankNifty weekly options expiry saw a muted day as the writers were aggressive at 27400 – 27200 range.

We expect the trend to continue in upside towards 10950 in a short term as long as 10780 holds on the downside.

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Posted in: Indian Market Tips