Nifty 50, through making a Doji candle, concluded over 13,600 on December 11. On the week terminated on December 11, Nifty 50 made a bullish candle as the index reformed about 2% on a weekly scale.
Nifty 50 formed a Doji candle for two consecutive days. This created an indecisiveness between the bulls and bears. Analysts recommend a break over 13,600 is necessary for the bulls to be in control. For now, traders must carry on unbiased and focus on below 13,400 levels.
After opening above 13,500, Nifty 50 struck a firm record of 13,579. Before storing the day at 13,513, bears shoved the index towards 13,400.
According to the technical analysts, Nifty cleverly pulled back the low of 13,402 levels to a Doji kind of development for two consecutive days. They also emphasized that back to back Doji s could be a manifestation of few types of debilitate impulse in the happening advancement. Nifty is capable to expand their earnings to 13,790 levels. But the bulls will have to be above 13,600 levels to maintain their ordering stance.
India VIX was increased by 0.45% from 18.71% to 18.79%. According to the lower levels of inconsistency, Bulls detain a strong hold and any lowering could be acquired in market.
The maximum Put OI is put down at 13,000 ensued by 12,000 strikes. Also, the maximum Call OI is set down at 13,000 ensued by 13,500 strikes.
Vice President of Motilal Oswal Financial Services Ltd said that the Marginal Call writing sited at 13,700 followed by 13,800 strikes while Put writing is sited at 13,200 ensued by 13,500 strikes. Options data indicates a sudden marketing scope among 13,200 to 13,750 zones.
He also said that it carries on the northward trend and has been creating higher peaks since the last six weeks with a successive productive close. Now it has to go on with a grip over 13,350 zones to observe an up-move towards 13,750 zones while the key assist lies in 13,300 zones.