As indicated yesterday on daily calls page, Nifty faced resistance at 5331 and closed at 5317.90 (just below 50SMA, which is 5319 now). Above 5334-36 level, 5350-5370 will be next resistance where major supply may be seen. On the lower side, 5287/5267/5250 may act as strong support zone.
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.
