Thursday, 11 January 2018
Share Market Tips SenSex Nifty Stock Market Morning Investment News By TradeIndia Research- 11-01-2018
Nifty likely to trade in 10,500-10,700 range; 3 stocks which can give up to 13% return
The Nifty index has taken resistance from 10,650 zone and closed a day with the minimal loss of 11 points on Wednesday. On the intraday chart, the index is trading in an overbought zone with negative divergence making a cautious view on the index for near term.
Technically, Nifty formed a ‘Hanging Man’ kind of candlestick pattern after Wednesday session which is considered being a trend reversal candle.
On the hourly chart frame, the index is trading in negative divergence that’s only making a cautious view on Nifty for near-term but overall it is a buy on dip market for short to medium term.
On the options front, the highest open interest has now shifted to 10500 PE which was previously at 10,400 PE so 10,500 becomes a strong support for January month followed by 10400 PE and on the higher side, 10,700 CE has highest open interest followed by 11K CE which will act as a strong immediate hurdle in January month.
We expect the index to trade in a tight range of 10,500 to 10,700 in the month of Jan as derivative data suggest. Traders can use buy on dip & sell on rising strategy because market made a strong range of 10,500-10,700 and we may get final direction if the market is able to break on either side.
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