Tech View: Nifty OI data hints runaway rally unlikely. What should traders do next week

Nifty crossed the 18,000 mark and formed a green candle with minor lower shadow, indicating a continuation of upside momentum. The momentum oscillator RSI (14) readings on the daily charts reached 70 and are now in the overbought zone. The short-term uptrend of Nifty remains intact with the market expected to reach the next resistance of 18,200-18,300 levels in the next week. The Open Interest data of Nifty indicates the Nifty Index still has a lot of open interest at the 18000 straddle level, so a runaway rally may not take place from here.

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