As we discussed in our previous post that Nifty will face hurdle
around 5375. It kissed and slip to 5305 and closed at 5322 level. There
are no changing in technical indicators. There are a strong falling
trend line resistance in Nifty daily chart, Any close above 5475 we may
see a strong 200 points jump on nifty charts. Slow stochastic has
reached in overbought zone very soon only in 4 trading session and ADX
is not moving up so there may be a short term downtrend.
Any close below 5280 This time will give power to bears. 5400 and 5300
put open interest has decreased and 5300 and 5400 call added open
interest showing profit booking by put writers. Nifty future decreased
it open interest by 5.42%. We have clearly seen profit booking in long
sides.
INTRADAY SUPPORT AND RESISTANCE
Resistance1 Resistance2 Resistance3 Resistance4 Resistance 5
5347.26 5365.56 5383.89 5402.25 5420.64
Support1 Support2 Support3 Support4 Support 5
5292.56 5274.39 5256.25 5238.14 5220.06
Recommendation:
Buy at / above: 5329 Targets: 5344.59 – 5362.87 – 5381.19 – 5399.54
Stoploss : 5310.76
Sell at / below: 5310.76 Targets: 5295.2 – 5277.02 – 5258.87 – 5240.75
Stoploss : 5329
INTRADAY SUPPORT AND RESISTANCE
Resistance1 Resistance2 Resistance3 Resistance4 Resistance 5
5347.26 5365.56 5383.89 5402.25 5420.64
Support1 Support2 Support3 Support4 Support 5
5292.56 5274.39 5256.25 5238.14 5220.06
Recommendation:
Buy at / above: 5329 Targets: 5344.59 – 5362.87 – 5381.19 – 5399.54
Stoploss : 5310.76
Sell at / below: 5310.76 Targets: 5295.2 – 5277.02 – 5258.87 – 5240.75
Stoploss : 5329
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