Nifty closed at 5300.00 (gained 10.30 points). It tried its best to move past the resistance zone 5331-35 and 5350, but failed. From 5342 level, profit booking starts. Now it needs to close above 5331-35. The level of 5331-35 has became strong resistance since every attempt to move past this level, is met with severe selling pressure. Moreover, on Daily Chart, Nifty formed an inverted hammer which is not a good sign. So, be cautious on every rise. Nifty may trade between the range of 5210 and 5400 for the time being. For today, WATCH 5289/5278/5267/5250 ON THE DOWN SIDE AND 5331/5350/5370 ON THE UPSIDE.
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 5150-5400 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.
