Yesterday markets consolidated again and the volume was the lowest in the past 15 days. Both FII and DII activities were subdued.
It looks like everyone is now looking for markets to take the first step, so that they can follow instead of making the first move at this stage. A cautious approach is what is being taken by most of the players.
Nifty, on the other hand is holding the 4780 fort tight and a retreacement to test 4756, 4735 levels is also not happening. A retest of those levels and a break again of 4780 levels will bring in the required momentum, but then only time erosion is happening.
The PCR still remains at 1.24, same as what we have seen yesterday, but we have seen put accumulation in 4800. 4900 call has shed open interest. This points to some amount of bullishness to kick in.
The view is still maintained the same. Nifty should be able to make a new high and also break 4900 levels soon as long as 4718 levels is not broken on the downside.
Resistance levels : 4832, 4865, 4890
Support levels : 4780, 4756, 4735
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