Nifty acts as per global cues and finally closed at 5275.15 with a loss of 41.80 points.
AS INDICATED YESTERDAY, SOME PROFIT BOOKING HAVE SEEN. HOWEVER, 5200 WILL ACT AS STRONG SUPPORT. POSITIONAL TARGET IS 5400/5440 TILL NIFTY TRADES ABOVE 5200. ON THE WAY, FIRST RESISTANCE WILL BE SEEN AROUND 5340.
For today, WATCH 5300 LEVEL ON THE UPSIDE ABOVE WHICH NIFTY WILL TASTE 5330 WHEREAS ON THE DOWNSIDE, 5250 WILL NOW ACT AS SUPPORT BELOW WHICH 5200 IS STRONG SUPPORT. ALL DIPS MAY BE USED AS BUYING TILL NIFTY TRADES ABOVE 5200 (POSITIONAL STOPLOSS 5189-90) FOR THE TIME BEING.
From options data (Read OI analysis page), highest options base has been shifted to 5000 & 5200 puts and 5400 & 5300 calls indicating that as of now 5200 may act as support and 5300 as resistance for the series. 5400 will be strong resistance.
AS INDICATED YESTERDAY, SOME PROFIT BOOKING HAVE SEEN. HOWEVER, 5200 WILL ACT AS STRONG SUPPORT. POSITIONAL TARGET IS 5400/5440 TILL NIFTY TRADES ABOVE 5200. ON THE WAY, FIRST RESISTANCE WILL BE SEEN AROUND 5340.
For today, WATCH 5300 LEVEL ON THE UPSIDE ABOVE WHICH NIFTY WILL TASTE 5330 WHEREAS ON THE DOWNSIDE, 5250 WILL NOW ACT AS SUPPORT BELOW WHICH 5200 IS STRONG SUPPORT. ALL DIPS MAY BE USED AS BUYING TILL NIFTY TRADES ABOVE 5200 (POSITIONAL STOPLOSS 5189-90) FOR THE TIME BEING.
From options data (Read OI analysis page), highest options base has been shifted to 5000 & 5200 puts and 5400 & 5300 calls indicating that as of now 5200 may act as support and 5300 as resistance for the series. 5400 will be strong resistance.
DISCLAIMER: BEING A TRADER, I MAY HAVE SOME VESTED INTEREST.
