Nifty Outlook by Epic Research

Nifty forms a rising window as it breaks out from the resistance placed at 10970 with a long green candlestick. A decisive breakout is seen on the charts on Nifty along with buying across the sectors. Auto., media, IT, PSU along with Midcap and smallcap have added gains as much as 1% – 4%. This is an indication of improved breadth which was much needed for bulls to clear this hurdle.

A rising window is a gap up formation with prices opening in a range that is higher than previous day range. A sustained move post a gap up is seen confirming the initial breakout and a buying with a decisive close is seen. The crucial support which was placed at 10800 levels is now been shifted to 10950. Hence which was resistance is now support for this trend to continue. We do not see any resistance for Nifty in short term till 11170 – 11180 mark. That is an important resistance as a level.

Derivatives data was much decisive as compared to what we have seen in the last few weeks. Long built up is now seen at 11300 – 11200 and 11500 as well. While short covering is seen in calls at 11200 – 11100. That is a good reading since the hurdle we believe also coincides with derivatives reading. Huge short built up is seen in PE across the strikes from 11100 – 11500.

We Believe the trend may further increase its momentum with upside potential to 11150 – 11160 initially.

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