As indicated yesterday, profit booking made Nifty to close at 5306.30 with a loss of 39.05 points.
HOWEVER, 5250 AND 5200 WILL ACT AS STRONG SUPPORT. POSITIONAL TARGET IS 5400/5440 TILL NIFTY TRADES ABOVE 5200. NOW FIRST RESISTANCE WILL BE SEEN AROUND 5370.
For today, WATCH 5330 LEVEL ON THE UPSIDE THAT MAY ACT AS RESISTANCE, ABOVE WHICH NIFTY WILL TASTE 5370 IN NEAR TERM. ON THE DOWNSIDE, 5280 AND 5250 WILL NOW ACT AS SUPPORT.
From options data (Read OI analysis page), highest options base has been shifted to 5000 & 5200 puts and 5400 & 5500 calls indicating that as of now 5200 may act as support and 5400 as resistance for the series. 5500 will be strong resistance.
HOWEVER, 5250 AND 5200 WILL ACT AS STRONG SUPPORT. POSITIONAL TARGET IS 5400/5440 TILL NIFTY TRADES ABOVE 5200. NOW FIRST RESISTANCE WILL BE SEEN AROUND 5370.
For today, WATCH 5330 LEVEL ON THE UPSIDE THAT MAY ACT AS RESISTANCE, ABOVE WHICH NIFTY WILL TASTE 5370 IN NEAR TERM. ON THE DOWNSIDE, 5280 AND 5250 WILL NOW ACT AS SUPPORT.
From options data (Read OI analysis page), highest options base has been shifted to 5000 & 5200 puts and 5400 & 5500 calls indicating that as of now 5200 may act as support and 5400 as resistance for the series. 5500 will be strong resistance.
DISCLAIMER: BEING A TRADER, I MAY HAVE SOME VESTED INTEREST.
