Nifty Daily Chart
Nifty is forming ascending triangle on daily chart which is a bullish breakout pattern. It is moving near to upper trend line of the triangle and expecting a breakout on upside in near term.
Resistance at 6,025 (50 DMA) while Support stand at 5920 (20 DMA). On upside if level of 6,040 breaches decisively then we could see rise up to the mark of 6,080.
MACD will cross the signal line and RSI is still below 50 levels. Move above 50 levels can only give Nifty strength to move upwards.
Nifty Options OI Chart:
Nifty Range for Expiry seems to be 5900-6100 until something dramatic happens.
China has raised interest rate by 25 BPS and need to see how it effects Stocks on Monday opening.I feel should be on upside as this is a small hike and have been factored in by market.