News for Euro-zone bailout cheers market and Nifty closed at 5345.35 with a huge gain of 70.20 points.
AS INDICATED EARLIER, 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 5370 LEVEL ON THE UPSIDE THAT MAY ACT AS RESISTANCE, ABOVE WHICH NIFTY WILL TASTE 5400/5440 IN VERY SHORT TERM. ON THE DOWNSIDE, 5250 WILL NOW ACT AS STRONG SUPPORT. AROUND 5400, ITS BETTER TO EXIT FROM ALL LONG AND WAIT FOR INDICATION.
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.
AS INDICATED EARLIER, 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 5370 LEVEL ON THE UPSIDE THAT MAY ACT AS RESISTANCE, ABOVE WHICH NIFTY WILL TASTE 5400/5440 IN VERY SHORT TERM. ON THE DOWNSIDE, 5250 WILL NOW ACT AS STRONG SUPPORT. AROUND 5400, ITS BETTER TO EXIT FROM ALL LONG AND WAIT FOR INDICATION.
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.
