Tech view: Nifty charts indicate bullish counterattack. How to trade on Wednesday
The crucial 200-day EMA is in the limelight again. After moving below this average on Monday, Nifty failed to show any decisive follow-through weakness in the subsequent session and showed upside bounce from the lows.
Meanwhile, a small red candle was formed on the weekly chart that was placed beside the similar green candle of last week, which signals a broader range movement in the market.
The upside bounce of Tuesday could be an early indication of another round of upside bounce in the market. Nifty is broadly in a range of 23,500-24,000 levels for the near term. Having bounced back from the lower range of 23,500 levels, one may expect further upside bounce towards 24,000 levels in the coming week, said Nagaraj Shetti of HDFC Securities.
In the open interest (OI) data, the highest OI on the call side was observed at 23,900 and 23,800 strike prices, while on the put side, the highest OI was at 23,500 strike price followed by 23,600.
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