On Tuesday, market opened flat on global clues, during the whole
session nifty was trading in a range 5575-5595, during last hour of
session nifty manage to hit resistance levels of 5605/5630 , but could
not sustain and last 15 minutes went under heavy profit booking as
expected. Nifty 5700 calls added huge open interest, the move in
nifty and so much volatility in nifty sept 5700 call options led to a
conclusion of huge call writing in nifty sept 5700 call option.
For the day, the level of 5580 and 5560 may act as a major support
for the market and the level of 5615/5640 may act as a major hurdle.
Short / medium term traders are advisable to start booking profit in
long position. Short / medium term trader can start building short
position in nifty above 5600 level in parts with stop loss of three
consecutive close above 5680.
Day trader can go long on nifty above 5615 with stop loss 5480 for
target 5640/5660 and can go short below 5580 with stop loss 5605
for target 5560 /5545.
INDEX RANGE
NIFTY: 5604
Range: 5560-5640
Resistance: 5615-5640-5660
Support: 5580-5560-5530
Resistance: 5615-5640-5660
Support: 5580-5560-5530
BANK NIFTY: 11193
Range: 11050-11380
Resistance: 11265-11320-11380
Support: 11155-11100-11050
Resistance: 11265-11320-11380
Support: 11155-11100-11050
Short term: Up (5530)
Medium term: UP (5470)
Long term: Up (5180)
Long term: Up (5180)
All Above Spot Levels
OM SHRI GANESHAYA NAMAH
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