The market traded within a range as consolidation and sideways momentum persisted since morning on November 20. Nifty options data indicates a struggle between call and put writers around 19,750 strike, suggesting the formation of key straddle positions at these levels.
The week began on a negative note for the Nifty. Options data reveals a battle between call and put writers around the 19,750 levels. "On the weekly chart, the index has formed a long bullish candle, displaying higher highs and lows compared to the previous week. It last week closed above the previous week's high, indicating a positive bias," Axis Securities said.
"The chart pattern suggests that leading the index towards 20,000-20,200 levels. However, if the index breaks below the 19,600 level, it would experience selling pressure, taking the index towards 19,400-19,300," Axis Securities added.
For the week, the brokerage anticipates the Nifty to trade in the range of 20,200-19,600 with a positive bias. The daily and weekly strength indicator RSI is above its respective reference lines, indicating a positive bias.
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