Hello,
A weak Infosys result pulled back Nifty from breaking out of the 5400 resistance though at the end of the day we did manage to close just a bit over the 5400 mark making it clear that the breakout has indeed happened. With US markets giving a strong showing yesterday, Nifty can be expected to open well and truly above the 5400 level thus making 5400 a strong support zone instead of the Resistance it had been until now.
This is the first time Nifty is trading above the 5400 mark since Feb 2008. Resistances above the 5400 mark are few and far off and hence markets can get volatile as we move forward from here. On the higher side, Nifty faces resistance at 5475 and above that at 5565. As on date, 5500 has max Open Interest in Calls and 5300 in Puts. Hence resistances can come in at those levels too.
Regards
Prashanth
Mythri Stocks & Shares Pvt Ltd.,
No comments:
Post a Comment