Nifty ended Monday’s session with a gain of 187 points and was only about 68 points away from crossing its previous all-time peak of 25,078. On the daily chart, the index formed a long bull candle with a minor upper shadow.
Technically, this pattern indicates an attempt of upside breakout of the previous down gap resistance of 2nd August around 24,950-25,000 levels. Hence, the two important down gaps of 2nd and 5th August have been filled completely around 24950-24680 respectively. This is a positive indication, Nagaraj Shetti of HDFC Securities said.
Open Interest (OI) data showed that on the call side, the highest OI was observed at 25,200 and 25,500 strike prices, while on the put side, the highest OI was at 24,800 strike price.
