In the truncated coming week (Thursday and Friday will be closed), momentum may continue due to Government's GAAR clarification. However, a rate-cut from RBI on its Annual Monetary Policy (17th April) is now uncertain.
On daily chart, Nifty is moving in a
downward channel pattern where it is expected to face strong resistance on the
upper band around 5400. Breakout can lead towards the level of 5540. On lower
side, 5220/5130 will act as good support level in this week.
From options data,,Nifty
has highest Call base at 5400 strike indicate that it may face resistance around 5400.
Watch ABAN, TATASTEEL, RIL and JPASSOCIATES.
DISCLAIMER: BEING TRADER, I MAY HAVE SOME VESTED INTEREST.
DISCLAIMER: BEING TRADER, I MAY HAVE SOME VESTED INTEREST.
