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Published on 24/09/2020 10:12:33 AM | Source: Tradebulls Securities Pvt Ltd

Choppiness continued as the index oscillates near its critical psychology level - Tradebulls

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Nifty

Choppiness continued as the index oscillates near its critical psychology level of 11000. After 5 days of consecutive decline it did witness a smart rebound in yesterday’s session from this support zone. On the daily scale the formation exhibits the Bullish Hammer candlestick properties but the same would be affirmed only once the index trades & sustains above 11250 during the day. Options data too indicates a likely range for today’s Expiry been placed at 11000-11200 as of now with option pain level placed around 11200 itself. Long Short positions have been beneficial throughout the series and has provide the necessary edge as upside has been restricted. Broader range expected to stand firm at 11500-11000 for the upcoming days while any slippages below 11000 could see a buying interest as most of the short term indicators have started to display oversold signs within the broader consolidative structure. So it’s ideal to retain the strategy to focus on secular trends & broader market moves within mid & small cap names which could continue to provide a better alpha with necessary hedge in place with selective weak pockets.

 

Nifty Chart

 

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