The market closed the volatile session with moderate gains, continuing uptrend for the fourth consecutive session on April 29, the expiry day for April futures and options contracts, after the Federal Reserve kept the rates at zero levels and continued with the bond-buying plan.
“The overall chart pattern of Nifty remains strong on the upside and we expect any decline from the hurdle could be a buying opportunity.
According to pivot charts, the key support levels for the Nifty are placed at 14,791.5, followed by 14,688.1.
The important pivot level, which will act as crucial support for the index, is placed at 33,250.4, followed by 32,786.3.
An increase in open interest, along with an increase in price, mostly indicates a build-up of long positions.
A decline in open interest, along with a decrease in price, mostly indicates a long unwinding.
A decrease in open interest, along with an increase in price, mostly indicates a short-covering.