Nifty ended at 5146.05 with a loss of 18.95 points, just below the crucial resistance level 5150 on Friday, last week. NOW IT NEEDS TO CLOSE ABOVE 5150/5182/5200 ON WEEKLY BASIS TO CONTINUE ITS UPMOVE. SOME ANNOUNCEMENT FROM UPA GOVT. ON ECONOMY REFORMATION MAY BOOST THE MARKET. ABOVE 5200, THE TREND WILL BE CHANGE.
For today, WATCH 5150 AND 5182 LEVEL CAREFULLY. IF NIFTY ABLE TO TRADE ABOVE THIS LEVEL, WE MAY EXPECT NIFTY TO TOUCH 5210/5227. ON THE DOWNSIDE, 5133 AND 5100 WILL ACT AS SUPPORT. BEYOND THIS, 5070 WILL BE SUPPORT. DUE TO EXPIRY WEEK, VOLATILITY WILL BE THERE.
From options data (Read OI analysis page),,highest options base has been shifted to 5000 & 4800 put and 5300 & 5200 calls. As of now, for June series, 4970/5000 will act as strong support and 5280/5300 (beyond 5182/5220) will act as strong resistance.
For today, WATCH 5150 AND 5182 LEVEL CAREFULLY. IF NIFTY ABLE TO TRADE ABOVE THIS LEVEL, WE MAY EXPECT NIFTY TO TOUCH 5210/5227. ON THE DOWNSIDE, 5133 AND 5100 WILL ACT AS SUPPORT. BEYOND THIS, 5070 WILL BE SUPPORT. DUE TO EXPIRY WEEK, VOLATILITY WILL BE THERE.
From options data (Read OI analysis page),,highest options base has been shifted to 5000 & 4800 put and 5300 & 5200 calls. As of now, for June series, 4970/5000 will act as strong support and 5280/5300 (beyond 5182/5220) will act as strong resistance.
DISCLAIMER: BEING A TRADER, I MAY HAVE SOME VESTED INTEREST.
