Nifty closed on a daily chart with a very strong bullish candle. Closing is important for another reason which is the resistance at 11650-11680 levels. Nifty stayed around 11650 throughout the day & closed at 11647.6.
Open Interest has also added many put writers in the weekly & monthly series which is very bullish for nifty.
On the daily chart, Nifty has been continuously making Higher highs & Higher lows & is giving no sign of reversal.
Monday opening can be very positive/bullish for another reason:-
1. Reliance has finally closed the future enterprise deal for $3.38 Billion which was much awaited.
2. Rumors are that the supreme court's hearing on AGR dues can be positive. Reason for Telcos to rise. As Justice Arun Mishra will be retiring on Sep 2 we'll have the verdict very soon.
We can also see a new Higher low which is due for now but that should not be considered a point of reversal for the markets.
On the upside 11950 will be a resistance & on the downside 11450 will be a support.
Open Interest has also added many put writers in the weekly & monthly series which is very bullish for nifty.
On the daily chart, Nifty has been continuously making Higher highs & Higher lows & is giving no sign of reversal.
Monday opening can be very positive/bullish for another reason:-
1. Reliance has finally closed the future enterprise deal for $3.38 Billion which was much awaited.
2. Rumors are that the supreme court's hearing on AGR dues can be positive. Reason for Telcos to rise. As Justice Arun Mishra will be retiring on Sep 2 we'll have the verdict very soon.
We can also see a new Higher low which is due for now but that should not be considered a point of reversal for the markets.
On the upside 11950 will be a resistance & on the downside 11450 will be a support.
Closing below 11325 will terminate the idea.