The options data indicates 19,500 is likely to be the key support for the index in coming sessions, while the hurdle is at 19,600-19,700, experts said
The index opened positive at 19,577 and traded higher in the 19,620-19,525 range during the day. It settled at 19,597, up 80 points, and formed a small-bodied bullish candlestick with minor upper and lower shadows on the daily charts even as it made higher highs and higher lows.
It also decisively closed above the 20-day exponential moving average (EMA) placed at 19,547. The index needs close above 19,700, which also coincides with the downward-sloping resistance trendline adjoining the previous three swing highs from July 20, the day the index touched a record high.
If it sustains above 19,700, it can move towards 19,800-19,900, while support is at 19,500-19,300.
"Technically, key indices lacked assertive moves and stayed in a mere range throughout the day, which portrays a lack of conviction among the market participants on either side. However, the overall trend seems upbeat," Osho Krishan, senior analyst, technical & derivative research, Angel One, said.
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The index opened positive at 19,577 and traded higher in the 19,620-19,525 range during the day. It settled at 19,597, up 80 points, and formed a small-bodied bullish candlestick with minor upper and lower shadows on the daily charts even as it made higher highs and higher lows.
It also decisively closed above the 20-day exponential moving average (EMA) placed at 19,547. The index needs close above 19,700, which also coincides with the downward-sloping resistance trendline adjoining the previous three swing highs from July 20, the day the index touched a record high.
If it sustains above 19,700, it can move towards 19,800-19,900, while support is at 19,500-19,300.
"Technically, key indices lacked assertive moves and stayed in a mere range throughout the day, which portrays a lack of conviction among the market participants on either side. However, the overall trend seems upbeat," Osho Krishan, senior analyst, technical & derivative research, Angel One, said.
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