Nifty opened with a gap up but consolidated in a range throughout the day to close at 19,811, up 122 points.
The Foreign Portfolio Investors (FPIs) Long Short ratio trend has largely remained flat over the last five trading sessions as the FPIs continued to hold more short positions in Index futures relative to long positions.
Nifty closed above the 50% Fibonacci retracement of 19,778, drawn from the high of 20,222 made on 15th September to the low of 19,334 made on 4th October.
Nifty has formed a symmetrical triangle pattern on 5 minutes timeframe and hence 19,830 on upside and 19,780 on the downside will be the key levels to watch out tomorrow.
A breakout on either side will provide cues about Nifty direction ahead of the weekly expiry tomorrow.
