“The index has also broken out from an Inside bar pattern on the daily chart.
“If the index manages to surpass these crucial short term moving averages then it will unlock significant upside potential for itself.
The Nifty50 closed 1.37 per cent higher at 17,401.
The NiftyBank closed 0.4 per cent lower at 36,508.
On Option front, Maximum Call OI is at 18000 then 19000 strike while Maximum Put OI is at 17000 then 16000 strike.