Rollover Analysis : The previous record high of the index is near the 18600 level - Asit C Mehta Investment
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Nifty Rollover Analysis
* The index began the November series on a bullish note, and managed to sustain above the crucial resistance of 18100, resulting breakout. As a result, the index settled the November series on a positive note at 18484.
* Technically, the index has broken out consolidation of the inverted head and shoulders pattern, indicating strength. As per this breakout, the index could test the levels of 21000-21500 in the medium term.
* The previous record high of the index is near the 18600 level. As a result, the index will face a short-term resistance zone around 18600-18650. If the index sustains above that level, then it may test 19000-19300 levels in the short term.
* Immediate support for the index is placed close to 18126 level, where the 21-Days exponential moving average (DEMA) is located followed by 18000.
* The RSI on the daily scale is positively poised. Moreover, the Stochastics oscillator on a daily scale has witnessed a bullish crossover. Thus, a "buy on dips" strategy needs to be adopted in Nifty.
* In the short term, 18120 and 18000 will act as support points, whereas 18650 and 19300 will act as resistance points.
BankNifty Rollover Analysis
* The index began the November series on a positive note, and managed to sustain above the breakout point. As a result, the index settled the November series on a positive note at 43075.
* Technically, the index on a daily scale witnessed breakout of the cup and handle pattern and crossed the previous all-time high, indicating strength. According to this pattern, the index may test levels of 45000 in the short term and 50000 in the medium term.
* The recent breakout point was placed around 41800 and the 21-Days exponential moving average is also placed close to 41869. Thus, 41800-41870 will act as a key demand zone for the index in the short term.
* The RSI on the daily scale is positively poised. Moreover, the Stochastics oscillator on a daily scale has witnessed a bullish crossover. Thus, a "buy on dips" strategy needs to be adopted in Banknifty.
* In the short term, 41800 and 41000 will act as support points, whereas 45000 and 46000 will act as resistance points.
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