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Nifty continued its northward journey for the second day on the trot where it gained 67 points to close at yet another new all-time high level on November 23.
Out of the last 16 trading sessions, Nifty closed in the green in fourteen sessions, gaining nearly 1,300 points.
The trend of the market continues to be bullish where Nifty is forming bullish higher top higher bottom formation on the daily chart.
In the options segment, we have seen put writing at 12,700-12,800 levels. This level also coincides with the intermediate low of 12,730 made on November 20.
Therefore, we believe that the intermediate uptrend will remain intact till the Nifty is trading above 12,700 levels.
On the higher side, Nifty may find an immediate resistance in the range of 13,000-13,100 levels where we have seen Call writing.
Considering the kind of sharp run we have had during the last few sessions and call writing at 13,000 levels, we expect a slowdown in the momentum for the benchmark index.