Nifty Outlook By Epic Research

Nifty gives a bullish continuation break out on the Daily chart climbing to a new all-time high of 11810 and closing on a strong note as well. The rally was largely supported by positive sentiments on the back of FII inflows, muted crude prices and appreciating rupee.

Derivatives data pointed to a short covering at strikes of 11800 – 11900 on calls side while now we have seen aggressive writing at 11700 – 11600 PE as well. This point to 11700 as strong support for this rally. We also have seen some fresh longs created at 11900 – 12000 strikes.

With recent breakout, We believe Nifty is all set to test 12000 in a matter of days. We may see some consolidation while it is also important for the market to sustain above 11700 as well. We recommend buy on dips.

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