The market ended the week on a strong note after three straight day of losses as the benchmark indices rose 1.3 percent each on November 12, driven by buying across sectors.
The Sensex gained 767 points to close at 60,686.69, while the Nifty jumped 229.20 points to 18,102.80 and formed a bullish candle on the daily chart.
A sustainable move above this area could open a sharp upmove towards the next hurdle of 18,350 levels,” said Nagaraj Shetti, Technical Research Analyst, HDFC Securities.
“Further upmove from here could be considered as an upside breakout of important resistance and that could pull the Nifty towards 18,350 levels in the short term.
According to pivot charts, the key support levels for the Nifty are placed at 17,964.8, followed by 17,826.8.
The important pivot level, which will act as crucial support for the index, is placed at 38,526.5 followed by 38,319.6.
Maximum Call open interest of 26.40 lakh contracts was seen at 18,000 strike.
An increase in open interest, along with an increase in price, mostly indicates a build-up of long positions.
An increase in open interest, along with a decrease in price, mostly indicates a build-up of short positions.
A decrease in open interest, along with an increase in price, mostly indicates a short-covering.
Eight stocks—Bank of Baroda, BHEL, Escorts, Indiabulls Housing Finance, NALCO, Punjab National Bank, SAIL and Sun TV Network—are under the F&O ban for November 15.