Nifty as expected opened with a strong gap and while intraday movement was very limited, we did close above the 5335 level. Since US Markets which were pretty positive at the time of our close ended slightly negative, we shall open soft and the 5335 level will again come into play. On the hourly charts, RSI had gone into the Overbought zone and a small correction can pull in back into neutral territory.
With expiry coming up this week, OI in options front seems to suggest a close around the 5300 mark. Supports come into play at 5292 and 5250. On the higher side, Resistances are at 5400 and 5525.
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