Why Nifty Hit 11K Today?
India’s benchmark Nifty zoomed up today and registered a high of 11040 as the Chinese Government announced a massive stimulus package of $298 bn in the form of Tax Cut measures. The index is likely to remain bullish as it made a low of 10843 today and took the support of 10833 approx, which was also the high of the recently formed dragonfly doji in the weekly charts. China’s number two leader Li Keqiang told the National People’s Congress today, that China was rolling out stimulus measures to boost the economy and maintain the Country’s growth rate at 6.5%. Going forward India’s bull market is likely to continue if Nifty trades above tomorrow’s range high. The nearest upside target for the index is around 11099 approx.
What To Expect Tomorrow
Nifty has registered a high of 11040 in today’s session as the Chinese government rolled a massive stimulus package of $298 bn to boost the country’s spending power. The index might witness some profit booking is tomorrow’s session as 11100 and 11200 Call options have zoomed up by 117% and 151% intraday. Going forward, Nifty is likely to scale up to 11099 if it trades above tomorrow’s range high. On the other hand, if the index trades below tomorrow’s range low, it might scale down to 10886 approx.
Observations In The Hourly Timeframe
In the hourly session, Spot Nifty has closed around 10987 approx. The index is likely to find support around tomorrow’s hourly range low. The nearest upside target for Nifty is around 10994 approx. On the other hand, if Nifty trades below tomorrow’s hourly range low, it might scale down to 10855 approx.
Bank Nifty Options Data