The Nifty is expected to trade in a range of 17,600–16,900 for the next few trading sessions until prices do not give any superior move on the either side of the range
RohanPatil
December 16, 2021 / 07:55 AM IST
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From the last two trading sessions, the Nifty is trading within a very narrow range and has closed below its bearish Engulfing Candlestick pattern which was formed on December 13.
The prices have formed a 21 and 50-day exponential moving averages cluster at 17,600 levels which is acting as a strong resistance for the benchmark index. Bulls tried best to push it beyond its resistance cluster at 17,600, but bears hardened their grip.
Prices see a marginal closing above its 21-week exponential moving average at 17,173 and are acting as an anchor point for the index on the weekly time frame.
Momentum oscillator RSI (14) is showing a sign of weakness on daily as well as the weekly chart whereas MACD indicator is reading below its centre line indicates bearish to sideways momentum in the market.
According to options data, resistance area is near 17,500-17,600 and supports are placed at 17,000-17,200. In Wednesday’s trading session, new addition of call options contract was visible at 17,300 CE strike and new addition of Put option contracts was seen at 17,100 PE strike.
Major unwinding of Call options contract was seen at 18,000 CE strike followed by 18,200 and 18,100 CE strikes, whereas on unwinding of Put options, the contract was seen at 17,300 PE and 17,400 PE strikes indicating shifting of base on lower side of the option chain.
The Nifty is expected to trade in a range of 17,600–16,900 for the next few trading session until and unless prices are not giving any superior move on the either side of the range.
Here are two buy calls for next couple of weeks:
Tech Mahindra: Buy | LTP: Rs 1,641.60 | Stop-Loss: Rs 1,590 | Target: Rs 1,725 | Return: 5 percent
The prices were trading in an ascending triangle formation for the past one-and-a-half months and have formed a trend line resistance at Rs 1,625 levels.
It has broken out of a channel pattern at Rs 1,625 levels on December 14 and the prices have registered a decisive breakout that suggests a change in the trend from sideways to upside. The stock is trading above its 21, 50 and 100-day exponential moving averages on the daily time frame, which is a positive for the prices in the near term.
The MACD indicator is reading above its centerline with a positive crossover above its signal line. Momentum oscillator RSI (14) is reading near 60 levels which indicates that he positive momentum will continue.
Biocon: Buy | LTP: Rs 375.40 | Stop-Loss: Rs 362 | Target: Rs 400 | Return: 6.6 percent
The stock was trading in a lower low lower high formation since more than two months and has formed a trend line resistance on the daily time frame.
On December 8, prices have given a breakout of a downward sloping trend line and the stock was able to close above its 21 and 50–day exponential moving averages. From the last few trading sessions, prices have given a throwback near its trend line support, which is placed near Rs 370 levels.
Momentum oscillator RSI (14) has given a falling trend line breakout above 50 levels on the weekly chart with bullish crossover on the cards. MACD indicator is getting flatten out above its centre line indicates a sideways to positive trend in the counter.
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