Nifty Technical Analysis
Nifty remain bullish as we discussed in our previous article and gave a strong close near to its high i.e 16352 (16370 high). As per closing, Nifty continue to be in positive mode till 16440 where we have to wait and see the strength of Bulls. RSI sloping upwards and comes to a level of 47.95. PCR comes to a level of 1.137 which indicates a cautious view because Nifty faced resistance multiple times on that level. MACD continue giving bullish signal and making Green histogram. India VIX again drop by 5% which is also a positive signal for markets.
Conclusion And Strategy
According to option chain, 16300 is a level of struggle between Bulls and Bears. If Nifty breaches 16370, buying can be done in Index for a target of 16440, 16570. For Bears, Nifty can be short below 16300 for a target of 16225, 16128, 16080. Nifty may open in green and after spending some time in green, Nifty may give a dip in second half due to PCR.