The market closed at a new high on June 11 as states rolled back restrictions following a steady drop in daily coronavirus infections, raising hopes of a faster economic recovery.
The Nifty50 climbed 61.60 points to ends 15,799.40 and formed a Doji candle on the daily charts, as the closing was near the opening levels.
On the other side, a sustainable move above the high of Doji is likely to negate the negative implication and could bring the bulls back into action,” Nagaraj Shetti, Technical Research Analyst at HDFC Securities told Moneycontrol.
Though momentum on the upside has slowed down, the market breadth remains intact and there is no indication of profit-booking or reversal from the highs.
According to pivot charts, the key support for the Nifty are placed at 15,754.23 followed by 15,709.17.
The important pivot level, which will act as crucial support for the index, is at 34,844.46 followed by 34,641.53.
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.
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.