Nifty closed at 5226.20 (gained 18.75 points). In fact, 5200 support is still intact, though scaring us on intraday basis. Now it 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's movement will depend upon the RBI Monetary policy. A 25 bps rate cuts seems to be factored in. Nifty may trade between the range of 5181 (major support at 5151) and 5305 for the time being. For today, WATCH 5224/5210/5190 ON THE DOWN SIDE AND 5241/5267/5278 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 5150-5350 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.
