Nifty Outlook bullish: As long as the index stays above 18000, the short-term outlook will remain bullish. A break above 18350 can then pave way for further rise to 18500-18600. A narrow range of 18000-18350 is possible if Inability to breach 18350.
For the coming session, the trading spot band is between 18050 and 18370, which means further upsides are likely once the immediate resistances of 18370 are taken out and weakness could emerge if the supports of 18050 are broken.
18000 to act as support for Nifty
The immediate support for Nifty is placed around 18000 mark given that there are decent positions outstanding in 18000 put option in both weekly as well as monthly series. In case 18000 does not hold, then we could see this correction getting extended towards the ’20 DEMA’ which is placed at 17800. On the flipside, 18300-18350 will now be seen as immediate resistance for Nifty.
Raushan Kumar, Derivative Analyst, IIFL Securities