NIFTY OUTLOOK & OPTION CALL PUT TIPS FOR 16 SEP 2020

After a one-day hiatus, market went back to winning ways on Tuesday encouraged by easing inflation and riding on positive cues from global markets. Hopes of an early vaccine also kept the mood sanguine. European market opened with gains, supporting investor sentiments. Meanwhile, India's retail inflation in August of 6.69% was lower than the 6.73% recorded in July, but it remains above the upper end of the RBI’s target. The Sensex rose 288, reclaiming 39000 level & closed at 39044. The Nifty advanced 82 points to 11522. 

Nifty formed a bullish candle on the daily scale and needs to hold above 11500 to extend gains towards 11550, and then 11600 -11700 zone. Overall setup and momentum is positive and a hold of recent zones could extend rally, while support exists at 11425 and then 11375 levels. It has been making higher top and higher bottom formation and supports are gradually shifting higher with medium term support at 11300. 

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Resistance: 11550, 11600

Support: 11425, 11375