Will The Nifty Rally Continue? Here’s My Analysis! (14560 Target Achieved)
Nifty OHLC on 12 Jan 2021
Yet another target (14560) achieved on Nifty! The level was clearly given in yesterday’s analysis, and almost moved towards the final resistance for the week.
Nifty almost gave a flattish opening at 14473.80 from the previous day’s close of 14484.75. It immediately made a low of 14432.85 and just like yesterday, kept moving up, forming an upward channel in the 3mins and 5mins intraday charts.
Nifty hit all time high for the 12th trading session in a row. It made a high of 14590.65 and closed strongly at 14563.45 almost near our resistance level of 14560.
What does Nifty’s EOD Chart tell us?
There is no change in the support and resistance as per the chart. Upside target of 14640 remains intact and the trend line below will act as support.
Nifty Open Interest (OI)
Calls: The highest OI on the calls side has moved to 15000 and next highest at 14800 & 14700. There is a lot of long buildup visible on the calls side.
Resistance Levels: 14560, 14640
Puts: The highest OI on the put side is at 14000 strike price followed by 14200 strike. Put writing increased on Nifty 14400 strike. The open interest on the put side will give lot of comfort to the bulls.
Support Levels: 14400, 14240-260, 14000
Global Markets
- The EU markets have closed negatively today
- NASDAQ is following the EU markets and is trading negatively at this point
- Dow Jones futures and SGX Nifty are also trading flat to slightly negative
Daily RSI has moved above 80 and stood at 81.11!
Conclusion: Nifty remains bullish and may hit the final resistance of 14640 tomorrow. Unless Nifty breaks the trend line near 14440, the rally may continue.
Happy trading! Hope this helps, and do share if you feel this information is useful! 🙂
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