Nifty Weekly Analysis 20 July 2020
According to Technical Till now Nifty form, a Bullish candle on Monthly chart but has a Strong Resistance at 11200 Level Coming to Weekly chart last week Nifty was rejected at lower Level and form a Bullish pin bar candle so not having bearish view But at the same time It has strong Resistance at 10950-11000 Level Once this level will cross we can expect to move up to 11200 levels. But If Nifty starts Moving downside with 10950-11000 Level then we can see 10650-10700 level and this will act as Strong Support Level. Coming to Daily chart Friday it made a Strong Bullish candle and Engulf last 3 Bearish candles so expecting to move up to 11000 And Once this level will breach we can see 11200 levels.
Options Data Analysis:- Coming To put side Data
10800 Level has more than 18lakh Open Interest with more than 15 lakh Change in Open Interest so This will definitely act as strong Support 10700 Level has the Highest Open Interest I.e. more than 26 lakh and Has Highest Change in Open Interest I.e. more than 18 lakh. So, It will act as a Strong Support. Coming To Call Side 11000 Level has more than 17lakh Contract but not has decent Change in Open Interest but at the same time 11200 Level Has more than 21 lakh Open Interest with Highest Change in Open Interest I.e. more than 12 lakh so this will act as Strong Resistance. Coming To PCR Value It is near 1.53 this also Indicates nifty as Strong Bullish So, Overall Nifty is Bullish But Has Strong Resistance at 11200. By Seeing All Data and technical I m having a range for This week is 10600-11200 Level And Expecting Nifty to Trade Between this Level Only.
Hope This Analysis Will help you with this week
This is my view, You also Do Your Own Analysis And If Your Analysis will match with my Analysis then You can take benefit
Thank You,
Research By,
Mr. Suraj Kaushal.