In previous post,we expected downside in Nifty with lower target of 5700 or lower.On monday,nifty started with slide which continued till next trading day and slipped to 5700 on tuesday.Highest put base is placed at 5700 which acted as a good support for the time being.Hence,nifty bounced back and moved towards 5950 before closing just above 5900 for the week.
For the coming trading sessions , nifty is likely to face stiff resistance around its previous resistance area of 5940-5970.The bias or the undertone in the index is positive with supportive FII;s data.In fridays session, FII's bought index futures to the tune of Rs 318 crore with sell figure of Rs 44 crore in stock futures.
On charts,nifty is well above 20 day moving average ( green line ) and 200 day moving average ( orange line ) which are expected to provide support on lower levels for the short-term.Momentum oscillators are in positive territory.Stochastics and RSI are also in buy mode.
Seeing the market momentum and global market scenario,markets are likely to trade positively and if crosses 5970 decisively,it can move towards 6040 or higher.Highest call base has also shifted from 6000 to 6100 which will pose stiff resistance at higher levels.
For the coming trading sessions , nifty is likely to face stiff resistance around its previous resistance area of 5940-5970.The bias or the undertone in the index is positive with supportive FII;s data.In fridays session, FII's bought index futures to the tune of Rs 318 crore with sell figure of Rs 44 crore in stock futures.On charts,nifty is well above 20 day moving average ( green line ) and 200 day moving average ( orange line ) which are expected to provide support on lower levels for the short-term.Momentum oscillators are in positive territory.Stochastics and RSI are also in buy mode.
Seeing the market momentum and global market scenario,markets are likely to trade positively and if crosses 5970 decisively,it can move towards 6040 or higher.Highest call base has also shifted from 6000 to 6100 which will pose stiff resistance at higher levels.
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