Weekly wrap: Nifty50 touches 20,200 Levels for the first time and closes at an all-time high level! 

The Nifty50, the most traded index on the NSE, ended the day in the green, closing 89 points higher, or 0.44% above its previous closing level. The Nifty50 index opened at 20,156 today, representing a 0.26% increase compared to its previous day’s closing level of 20,103. 

It began the day with a red candle on the five-minute timeframe, forming near the previous day’s high levels, and faced upward pressure for the first 15 minutes. During this time, it traded nearly unchanged, struggling to decide whether to move up or down. Eventually, it moved downward and found support near the 20,130 levels at around 9:50 AM, which fortunately became the final day’s low for today. 

Around 11:00 AM, it began to rise from this low point, breaking the intraday high levels established during the market opening and attempting to sustain its position there. The Nifty started consolidating at these levels, finding support near the previous day’s high point, but this consolidation lasted for less than one and a half hours. Subsequently, it dropped again by almost 60 points, reaching its lowest point of the day, which had been established during the early morning trading session. 

Around 12:35 PM, it started a gradual and steady upward movement, breaking the previous intraday high of 20,196 and reaching a new milestone of 20,200 levels, gaining approximately 90 points from the day’s lowest point around 3:00 PM. However, it later retraced by around 60 points from a record-breaking level and finally closed at 20,192. 

Calculating the difference between today’s high and low, we find that it traded within a range of 92 points. Examining today’s candle, despite its green colour, it displays wicks on both sides, which might be seen as less promising compared to the weekly and monthly candles.

Shifting our focus to the weekly data, the Nifty opened the week at 19,890, reached a high of 20,222, dipped to a low of 19,865, and closed the week in the green at 20,192. This closing value represents a 372-point increase, or 1.88%, compared to the previous week’s closing level. Regarding the current weekly candle, it is a robust green bar that closed at an all-time high. 

When examining the monthly candle, it appears to be twice the size of the previous two months’ candles, and it must be noted that the month is not yet complete. 

The Relative Strength Index (RSI) stands at 76.48 on the daily timeframe, while on the weekly and monthly timeframes, it stands at 73.24 and 68.31, respectively. On higher timeframes, the RSI has improved. 

Considering the current weekly expiry set for September 21, the Call Open Interest is approximately 13.89 lakhs, while the Put Open Interest stands at 16.05 lakhs. Significant open interest is observed at the 20,200 and 20,300 Call strike prices. On the Put side, substantial open interest is noted at the 20,200 and 20,100 strike prices, suggesting that these levels may serve as immediate resistance and support for the upcoming expiry. 

The Put Call Ratio (PCR) currently stands at 1.15, according to data from the National Stock Exchange. 

Furthermore, the Nifty50 has closed above all key moving averages, including the 20-day, 50-day, 100-day, and 200-day averages, on the daily timeframe. 

Disclaimer: This blog has been written exclusively for educational purposes. The securities mentioned are only examples and not recommendations. It is based on several secondary sources on the internet and is subject to changes. Please consult an expert before making related decisions.