After a good consolidation on Friday, the market saw a sharp bounce back on Monday which made Nifty closed at 4985.65 with a huge gain of 65.25 point. Though volume was not good, but Nifty cleared 4956 and even 4970. FOLLOW UP ACTION ON TUESDAY WILL CONFIRM CLEAR BREAK-OUT.
For today, WATCH 4990-4995 CAREFULLY. IF ABLE TO CROSS WITH VOLUME, NIFTY MAY MOVE TOWARDS 5022/5050 AND EVEN 5070 (200 DMA) ON THE UP SIDE WHEREAS BREAKING 4970, NIFTY MAY HIT 4950/4930 ON THE DOWNSIDE.
For today, WATCH 4990-4995 CAREFULLY. IF ABLE TO CROSS WITH VOLUME, NIFTY MAY MOVE TOWARDS 5022/5050 AND EVEN 5070 (200 DMA) ON THE UP SIDE WHEREAS BREAKING 4970, NIFTY MAY HIT 4950/4930 ON THE DOWNSIDE.
From options data,,highest options base has been shifted to 4700 put and 5000 calls. However, as of now 4900 may act as support and 5000 may act as resistance. 4800 will act as strong support and 5100-5110 (After crossing 5000) will act as strong resistance.
THOSE WHO INTERESTED, MAY ACCUMULATE BHEL, TCS, SBI, JPASSOCIATES, BHARATI AIRTEL, L&T ETC. FOR LONG TERM IN CASH SEGMENT.
THOSE WHO INTERESTED, MAY ACCUMULATE BHEL, TCS, SBI, JPASSOCIATES, BHARATI AIRTEL, L&T ETC. FOR LONG TERM IN CASH SEGMENT.
DISCLAIMER: BEING A TRADER, I MAY HAVE SOME VESTED INTEREST.
