Tech View: Brick wall of 19,500 still stands strong for Nifty. What traders should do on Friday

economictimes.indiatimes.com:

Nifty ended about 29 points higher to form a small negative candle with a long upper shadow on the daily charts. Now it has to hold above 19,333 zones to extend the move towards 19,515 then 19,567 zones while on the downside support is intact at 19,333 and 19,250 zones, said Chandan Taparia of Motilal Oswal. India VIX was down by 0.02% from 10.94 to 10.93 levels.

Volatility is hovering near its lower band which may support the bulls near immediate support zones. Option data suggests a broader trading range in between 19100 to 19700 zones while an immediate trading range is between 19,250 to 19,550 zones. In the last week, the market has been range-bound around 19,500-19,300 levels.

The daily Relative Strength Index (RSI) indicated a bearish crossover. What should traders do? Here’s what analysts said:Rahul K Ghose, Founder & CEO – Hedged The brick-wall of 19,500 still stands strong for Nifty. Today's sell-off shows the difficulty it is having to sustain it.

But all is not lost as the month-end OI data still suggests that this level of 19,500 should get taken out once again in the July series itself. Today we saw a rise in the 19,600 puts of the July-end expiry which is far in the money that also signals the same. It also shows that today's fall might not sustain in the short term.