The benchmark equity indices opened in the positive territory on September 11 amid the mixed global cues. Last week, the Nifty50 hit seven-week high and surpassed 19,800 mark, as most of sectors, barring metal, participated in the run. Considering the strong momentum, analysts predict that the index is likely to march towards 20,000 milestone in coming days, provided its holds 19,700-19,800 area, while the crucial support remains at 19,600-19,500 levels.
At 11 am, the Sensex was up 330.67 points or 0.50 percent at 66,929.58, and the Nifty was up 108.70 points or 0.55 percent at 19,928.70. About 1961 shares advanced, 1160 shares declined, and 131 shares unchanged.
Bars reflect changes in open interest (OI) during the day. The red bars show call option OI and the green put option OI
Options data suggests that put writers are dominant for the day with heavy put writing at 19900 and 19800 levels.
"Technically, Nifty eyes the 20,000 milestone now, and with the ongoing momentum, it would be barely a task for the bulls to attain the mark," Osho Krishan, senior analyst - technical & derivative research at Angel One stated.
As far as levels are concerned, he feels 19,800 now acts as immediate support, followed by the sacrosanct support of 19,700-19,500 in the comparable period.
Nagaraj Shetti, technical research analyst at HDFC Securities also expects the Nifty to move into new all-time highs beyond 20,000 mark in current week. The potential upside target of larger triangle upside breakout comes around 20,100-20,200 levels for the near term, he said, adding immediate support is placed at 19,650 levels.
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Among individual stocks, Idea, ABB and Adani Ports saw a bullish setup, while PVR INOX, BHEL and MCX saw a bearish build-up.
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