At last Nifty closed at 5302.55 (above 5300) with a gain of 14.60 points on daily basis. However, it shows indecisiveness for the last three days.
AS INDICATED ON LAST FRIDAY, THIS RALLY MAY CONTINUE FOR FEW MORE DAYS AND MAY TASTE ATLEAST 5370/5440 IN VERY SHORT TERM.
For today, WATCH 5318-5320 LEVEL ON THE UPSIDE ABOVE WHICH SHARP MOVE CAN BE SEEN AND MAY HIT 5370 WHEREAS ON THE DOWNSIDE, 5250-60 MAY ACT AS SUPPORT BELOW WHICH 5190-5200 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 & 4800 puts and 5400 & 5300 calls indicating that as of now 5000 may act as support and 5400 as resistance for the series.
AS INDICATED ON LAST FRIDAY, THIS RALLY MAY CONTINUE FOR FEW MORE DAYS AND MAY TASTE ATLEAST 5370/5440 IN VERY SHORT TERM.
For today, WATCH 5318-5320 LEVEL ON THE UPSIDE ABOVE WHICH SHARP MOVE CAN BE SEEN AND MAY HIT 5370 WHEREAS ON THE DOWNSIDE, 5250-60 MAY ACT AS SUPPORT BELOW WHICH 5190-5200 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 & 4800 puts and 5400 & 5300 calls indicating that as of now 5000 may act as support and 5400 as resistance for the series.
DISCLAIMER: BEING A TRADER, I MAY HAVE SOME VESTED INTEREST.
