Nifty closed at 5190.60 (gained 1.60 points) from its last close on Friday after loosing 100.25 points on weekly basis. However, on a special trading session on Saturday, it gained 18.40 and closed at 5209.00 (+0.35%).
The daily chart of Nifty is showing that it has been moving in the narrow band of 5130 and 5350 since last couple of weeks. Now we expect this range bound movement would continue for another few days. Being 200SMA at 5125, Nifty may have took strong support around 5130-5133 level. In any case, breaching 5130 with high volume, it may hit 5050 and even 5000 level.
For today, WATCH 5210 CAREFULLY. ABOVE THIS, NIFTY MAY MOVE TOWARDS 5227/5250/5267 ON THE UP SIDE WHEREAS BREAKING 5200 AND 5189 NIFTY MAY HIT 5150 ON THE DOWNSIDE.
The daily chart of Nifty is showing that it has been moving in the narrow band of 5130 and 5350 since last couple of weeks. Now we expect this range bound movement would continue for another few days. Being 200SMA at 5125, Nifty may have took strong support around 5130-5133 level. In any case, breaching 5130 with high volume, it may hit 5050 and even 5000 level.
For today, WATCH 5210 CAREFULLY. ABOVE THIS, NIFTY MAY MOVE TOWARDS 5227/5250/5267 ON THE UP SIDE WHEREAS BREAKING 5200 AND 5189 NIFTY MAY HIT 5150 ON THE DOWNSIDE.
From options data,,highest options base has been shifted to 5100 put and 5600 calls. However, as of now 5300 will act tough resistance to crack.
DISCLAIMER: BEING A TRADER, I MAY HAVE SOME VESTED INTEREST.
