Nifty closed at 5332.40 (gained 32.40 points), an interesting level. The level of 5331-35 has became strong resistance since every attempt to move past this level, is met with severe selling pressure.
Now it needs to close above 5342/5350 for upmove. Nifty may trade between the range of 5250 and 5400 for the time being. For today, WATCH 5310/5289/5278/5267/5250 ON THE DOWN SIDE AND 5342/5350/5370/5390 ON THE UPSIDE. TODAY'S RIL RESULT MAY AFFECT PRICE MOVMENT.
From options data,,highest options base has been shifted to 5100 put and 5400 calls, but still highest accumulation is for 5200 put and 5400 calls. It is expected that Nifty may trade in a range of 5200-5400 for the time being. In any case, breaching of this range may lead 100-150 points in Nifty on directional bias.
DISCLAIMER: BEING A TRADER, I MAY HAVE SOME VESTED INTEREST.
