Yesterday markets went down straight to retest the 20 DMA around 4924 levels and gained sufficient strength to close almost near day's high with increased volumes.
The retest of 20 DMA has come after a long time gap of more than 25 sessions and it looks like Nifty is setting itself up for another bullish move in the short term.
The PCR ratio has increased to 1.32 which will also provide adequate support as and when this market pulls back and with an OI of 65 Lakhs for 4900 put reiterates that fact that the market is not going to go down 4900 levels in the intermediate term.
Resistance levels : 5039, 5069, 5088
Support levels : 4978, 4956
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