Profit booking as well as weak result of INFOSYS made Nifty to close at 5235.25 with a huge loss of 71.05 points.
NOW, 5200 WILL ACT AS STRONG SUPPORT. POSITIONAL TARGET IS 5400/5440 TILL NIFTY TRADES ABOVE 5200. BELOW 5200, IT IS BETTER TO EXIT FROM ALL LONG.
For today, WATCH 5250 LEVEL ON THE UPSIDE THAT MAY ACT AS RESISTANCE, WHEREAS ON THE DOWNSIDE, 5200 WILL NOW ACT AS SUPPORT.
From options data (Read OI analysis page), highest options base has been shifted to 5000 & 5100 puts and 5400 & 5300 calls indicating that as of now 5100 may act as support and 5300/5340 as resistance for the series. 5400 will be strong resistance.
NOW, 5200 WILL ACT AS STRONG SUPPORT. POSITIONAL TARGET IS 5400/5440 TILL NIFTY TRADES ABOVE 5200. BELOW 5200, IT IS BETTER TO EXIT FROM ALL LONG.
For today, WATCH 5250 LEVEL ON THE UPSIDE THAT MAY ACT AS RESISTANCE, WHEREAS ON THE DOWNSIDE, 5200 WILL NOW ACT AS SUPPORT.
From options data (Read OI analysis page), highest options base has been shifted to 5000 & 5100 puts and 5400 & 5300 calls indicating that as of now 5100 may act as support and 5300/5340 as resistance for the series. 5400 will be strong resistance.
DISCLAIMER: BEING A TRADER, I MAY HAVE SOME VESTED INTEREST.
