Nifty after volatile sessions finally managed to close above 5350. It opened at 5237 and rose to make a high of 5359. At last it closed at 5352.45. It had a net gain of 115.35 points or 2.20% over the previous week’s close. Realty, IT, Banking and Metal stocks were on the buyers’ radar. Technically, Nifty has been trading into the rising channel for couple of weeks.
Nifty future may trade today between 5399 and 5340. Its immediate resistance now comes at 5377 and crossover with volume will lead to retest of 52 week’s high of 5398. Multiple supports now come at 5345-5339 level, if opens below or breaks the levels may once again retest next set of supports at 5323-5314. However, if cant cross 5377 and again trades below 5305, once again panic may be seen till 5285 zone. In fact, Nifty is slowly moving to its resistance zone, but somehow bull volume is not supporting the rally.
From the OI Concentration Chart of July series, it has been noticed that the maximum accumulation of open interest on the put options front is at strike price of 5400-5500 indicating it as a hurdle on the upside whereas on the put options front the maximum open interest concentration is seen at strike price of 5200 indicating it as a good support on the downside.
Bank Nifty Index will continue to face Resistance at its 9793-9931 levels whereas on the downside Support is seen at 9415-9300 levels.
Today Asian Markets trading positive (at present) and SGX Nifty is up for 15 points (5369). Our market may open in green and will face a resistance around 5377. Crossing 5377 with volumes, we may see the 52 week's high 5398.
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