Indian stocks closed higher with Nifty forming a bullish candle on the daily charts and giving the highest close of the last 112 sessions. Support exists at 18,550 and 18,442 zones, while immediate targets are 18,750 and 18,888 zones. India VIX was down 2.36% and option data suggested a trading range between 18,400 to 18,800 zones. Consolidation is expected, but the uptrend remains intact and provides an opportunity to initiate fresh long positions. A strong green candle tomorrow could lead to an all-time high in Nifty within the next week.
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On the call side, there are notable OI concentrations at the 22,500 and 22,900 levels, suggesting these as resistance levels to watch, with the 22,900
May 16, 2024