Nifty Prediction : Week Ending 26 July 2020

For the third consecutive week, Index has closed above 10550-10600 the zone which is the 61.8% Fibonacci Retracement of the entire down-move from 12430 (Jan 2020) to 7511 (March 2020), also has for the first time after Feb 2020 managed to close above 200 DMA and Now Going forward, till 10720-10740 holds, this up-move can further, extend up to 11050-11150 zone.

 A breach below 10720 zone will lead to the negation of the above probable move & lead to profit booking wave up to 10590-10540 zone. Overall, For the next week, Nifty Range could be 10710 – 11150.

Technically, Key Oscillators RSI, Stochastic & MACD are above their respective averages on the Daily as well as on the Weekly Charts leading to buying support on dips around 10720-10740.

Tracking the Derivatives Data, W-o-W NIFTY saw OI 6% decline with price rise 1.3%, also saw aggressive writing in CE at 11000 and 11200 (18 and 22 Lakhs) and on PE side writers 10700 (26.50 lakh Shares) implies support at 10680-10730 and stiff resistance at 11050-11200.

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