Friday's smart rally that made Nifty to close at 5139.05 with a huge gain of 84.30 points has confirmed a bullish implication. Remember, it is now within the striking distance from its immediate resistance of 5150 (200 DEMA).
For today, IF NIFTY ABLE TO CROSS 5150 WITH VOLUME, THEN NIFTY WILL FACE ANOTHER RESISTANCE AROUND 5182/5195 AND ANY GOOD NEWS FROM RBI MAY TRIGGER THE UPMOVE TOWARDS 5300 BEYOND 5200. ON THE DOWNSIDE, 5100/5080 WILL BE SUPPORT. ANY ACTION BELOW EXPECTATION FROM RBI MAY DRAG NIFTY TO 5000/4960 THAT MAY ACT AS STRONG SUPPORT IN NEAR TERM.
From options data (Read OI analysis page),,highest options base has been shifted to 4800 & 4600 put and 5200 & 5100 calls. As of now, for June series, 4760/4800 may act as support and 5182/5220 may act as resistance.
DISCLAIMER: BEING A TRADER, I MAY HAVE SOME VESTED INTEREST.
