Nifty closed at 5327.30 with a gain of 24.75 points on daily basis.
AS INDICATED ON LAST FRIDAY, THIS RALLY MAY CONTINUE FOR FEW MORE DAYS AND MAY TASTE ATLEAST 5350/5370 IN SHORT TERM THOUGH IT IS NOW NEAR OVERBOUGHT ZONE. NEAR TERM TARGET IS 5440 POSITIONALLY TILL NIFTY TRADES ABOVE 5200.
For today, WATCH 5340-5350 LEVEL ON THE UPSIDE ABOVE WHICH NIFTY WILL TASTE 5370 WHEREAS ON THE DOWNSIDE, 5300 WILL NOW ACT AS SUPPORT BELOW WHICH 5250-5200 IS STRONG SUPPORT. ALL DIPS MAY BE USED AS BUYING TILL NIFTY TRADES ABOVE 5200 FOR THE TIME BEING.
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 ON LAST FRIDAY, THIS RALLY MAY CONTINUE FOR FEW MORE DAYS AND MAY TASTE ATLEAST 5350/5370 IN SHORT TERM THOUGH IT IS NOW NEAR OVERBOUGHT ZONE. NEAR TERM TARGET IS 5440 POSITIONALLY TILL NIFTY TRADES ABOVE 5200.
For today, WATCH 5340-5350 LEVEL ON THE UPSIDE ABOVE WHICH NIFTY WILL TASTE 5370 WHEREAS ON THE DOWNSIDE, 5300 WILL NOW ACT AS SUPPORT BELOW WHICH 5250-5200 IS STRONG SUPPORT. ALL DIPS MAY BE USED AS BUYING TILL NIFTY TRADES ABOVE 5200 FOR THE TIME BEING.
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.
