Nifty closed at 5207.45 (loosing 69.40 points from its previous day and 115.45 points from previous week). In fact, 5200 support is still intact but the moves on Friday scares. Now it again comes its earlier channel and needs to close above 5250 and 5300. The level of 5331-35 is becoming strong resistance now. Every attempt to move past this level, is met with severe selling pressure. Today, Nifty may trade between the range of 5131 and 5260.
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 5150-5350 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.
