Also Read: 6 things that changed for the stock market overnight - Gift Nifty, rally in US tech stocks to a weak dollar He believes the short-term trend of Nifty 50 continues to be range bound. There is a possibility of some more consolidation or minor weakness in the short term before showing upside bounce from the lows, he added. Here’s what to expect from Nifty 50 and Bank Nifty today: Examining the Open Interest (OI) data, Mandar Bhojane, Research Analyst at Choice Broking said the call side shows the highest OI at 19,800, followed by 19,900 strike prices.
On the put side, the highest OI is recorded at the 19,600 strike price. “Despite these factors, a bullish outlook on the index is maintained, and a “buy on dips" strategy is recommended. Traders are advised to focus on outperforming sectors and use this phase to gradually add quality names to their portfolios," Bhojane added.
(Exciting news! Mint is now on WhatsApp Channels Subscribe today by clicking the link and stay updated with the latest financial insights! Click here!) “The Nifty index is currently trading within a broad consolidation phase, forming an inside bar candle pattern, with support observed at 19,650 and resistance at 19,800. For a decisive trending move, the index needs to break out of this range with significant volumes on either side," said Kunal Shah, Senior Technical & Derivative analyst at LKP Securities. Despite the consolidation, Shah believes, the broader picture remains bullish, with major support identified in the 19,550-19,500 zone.Read more on livemint.com