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Nifty50 saw a V-shape reversal rally from 11,200 and filled the gap created on September 4, 2020.
In the previous week, the benchmark index had formed a bullish hammer candlestick pattern near its upward rising trendline support which is likely to act as an initial anchor point for the index.
On September 16, Nifty, on a smaller timeframe (60 mins) witnessed an inverted head and shoulder pattern breakout around 11,570.
The index successfully closed above its neckline support and is well poised for some short-term gains which can be visible on an intraday chart.
In the past couple of days, Nifty managed to close above 11,000 mark which is further supported by a positive market breadth.
The index is trading above all its crucial short-term exponential moving averages (21 & 50) which is positive for the near-term.
On the derivatives front, put writing at 11,500-11,300 strike prices indicates Nifty is likely to find strong support in the range of 11,200-11,300.