Nifty closed on Friday at 6064.40 with a gain of 25.20 points (+0.42%) on intraday basis.
For today and this week (Read Market Outlook), WATCH 6024 AND 6000 LEVEL WHICH ARE STRONG SUPPORT. HOWEVER, SINCE THE RALLY WAS STOCK SPECIFIC BASIS AND DUE TO NEGATIVE ADVANCE-DECLINE RATIO, CAUTION IS REQUIRED. IN ANY CASE, BELOW 6024/6000, 5950-5935 LEVEL ANOTHER STRONG SUPPORT. BELOW 5950 AND 5935, SUPPORTS ARE AT 5900 AND 5880 WHEREAS ON THE UPSIDE, IF NIFTY TRADES ABOVE 6065-6070, RESISTANCES WILL BE AT 6125.
ON WEEKLY BASIS, PROFIT BOOKING AROUND 6070-6125 WILL BE SEEN.
From options data (Read OI analysis page), more than 4 million shares were added last week at 6000 PE strike and positions were closed in Call strikes from near the money strikes of 6000 and 6100 and marginal addition was seen only at 6200 and 6300 strikes with just 0.6 million shares each which suggests that 6000 will be a STRONG SUPPORT. THE SERIES MAY ENDED BETWEEN 6000 AND 6200.
For today and this week (Read Market Outlook), WATCH 6024 AND 6000 LEVEL WHICH ARE STRONG SUPPORT. HOWEVER, SINCE THE RALLY WAS STOCK SPECIFIC BASIS AND DUE TO NEGATIVE ADVANCE-DECLINE RATIO, CAUTION IS REQUIRED. IN ANY CASE, BELOW 6024/6000, 5950-5935 LEVEL ANOTHER STRONG SUPPORT. BELOW 5950 AND 5935, SUPPORTS ARE AT 5900 AND 5880 WHEREAS ON THE UPSIDE, IF NIFTY TRADES ABOVE 6065-6070, RESISTANCES WILL BE AT 6125.
ON WEEKLY BASIS, PROFIT BOOKING AROUND 6070-6125 WILL BE SEEN.
From options data (Read OI analysis page), more than 4 million shares were added last week at 6000 PE strike and positions were closed in Call strikes from near the money strikes of 6000 and 6100 and marginal addition was seen only at 6200 and 6300 strikes with just 0.6 million shares each which suggests that 6000 will be a STRONG SUPPORT. THE SERIES MAY ENDED BETWEEN 6000 AND 6200.
DISCLAIMER: BEING A TRADER, I MAY HAVE SOME VESTED INTEREST.
