As indicated yesterday, Nifty faced resistance around 5370 (made a high of 5378) and closed at 5358.50 (above 50SMA but just below 20SMA, which is 5359 now). Due truncated week (Thursday and Friday, Indian markets will be closed), some profit booking may be seen. Watch 5350 and 5331 level, below which, its better to exit from longs for the time being. However, if Nifty able to cross 5380 and 5400 level, we may see 5600 in this expiry.
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. Break-out of the channel is still awaited.
From options data,,Nifty has highest Call base at 5400 strike indicate that it may face resistance around 5400. Above 5400, 5600 is having highest accumulation that indicates strong resistance.
Watch ABAN, TATASTEEL, RIL and JPASSOCIATES. As indicated on daily call page, one may exit fully from JPAssociates. Between 760-780, one may exit from RIL.
DISCLAIMER: BEING TRADER, I MAY HAVE SOME VESTED INTEREST.
DISCLAIMER: BEING TRADER, I MAY HAVE SOME VESTED INTEREST.
