Prices extend the gains with a wide range bar that engulfed the previous day price action while a sharp decline in volatility aided the confidence of bulls.Positive global cues, Drop in Crude oil and continuous buying momentum in Financials, IT, Pharma, PSU kept bulls in charge.
On the daily chart, a wide range bar is seen at the lower levels of the trading range which is positive for the present scenario as it was an all lost battle for bulls. A consolidation on the previous day was observed halting the gains of Monday. While an outside bar with an engulfing pattern further has geared Nifty for upside.
As per derivatives data, #Nifty saw addition in higher strikes of 10400 – 10500 while the writing which was seen at 10000 two days back is now shifted to 10100 and 10200. This is a good indication for a base building for this rally to be a directional play with supports coming up. The resistance on upside seems to be placed at 10453 and 10700. We maintain our buy on dips stance with these as potential targets while Stoploss which was lower at 10100 levels is now placed at 10200
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