Nifty (5944) ‘technically so far the market is up as long as 5800 holds’ the market unfolded as expected and saw the high right on our resistance of 5955 and has closed in the green…so far the up move seems to be on but I would be cautious too as the market is in a sideways zone with an up bias
Max OI is at 6000 call and 5700 put, nifty to cross 6000 will be difficult, look at 6000 call preminum has not increased inspite nifty has moved 36 points.
Nifty range 5800 - 6000.
If nifty closes above 6050 on closing basis will create a channel breakout which logical target will be 6338.
Resistence: 5955/5995
Support: 5930/ 5888
Stratergy
1. Long - Buy Nifty futue above 5950 SL 5950, Target 6000.
2. Short - Sell nifty below 6014, SL 6020, Target 5950.
Thanks and Regards
Subhag Ghosh
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