S&P's warning for downgrading India's Investment Grade made Nifty to give up all of its intraday gain and pushed it to close at 5054.10 with a loss of 14.25 points. Major events that have to watch are: (1)IIP data for April on 12th June; (2) Inflation Data for May on 14th June;
For today, WATCH 5067-5070 CAREFULLY. IF NIFTY TRADES ABOVE IT WITH VOLUME, THEN NIFTY WILL HIT 5100 WHEREAS ON THE DOWNSIDE, BELOW 5050, 4970 WILL ACT AS GREAT SUPPORT.
From options data,,highest options base has been shifted to 4800 & 4500 put and 5200 & 5100 calls. As of now, for June series, 4760/4800 may act as support and 5130/5200 may act as resistance.
DISCLAIMER: BEING A TRADER, I MAY HAVE SOME VESTED INTEREST.
