What the markets did last week ?
-Happy Trading
Last week was the expiry week for the derivative series of July and markets closed the series just above 5400 levels and on friday corrected to test the crucial support level of 5350.
What does the options data indicate ?
It might be too early to read options data for August series.
Weekly charts are showing weakness after markets testing the upperband around 5450 levels.
What can be expected this week ?
The volatility is still at its low levels and PCR being 1.03 is giving a neutral view at this stage. There might be moves to expand the volatility and Nifty might test further support levels till 5270 for the week. The weekly upperband is exactly at 5500 levels and that will continue to act as a strong resistance level. It looks like market is unlikely to move past 5447 for the week.
How to trade for the week?
There will be signs of weakness at higher levels of 5420 and shorts can be initiated around 5420 for a target of 5296 for the week.
Weekly resistance levels : 5407, 5420, 5447
Weekly support levels : 5327, 5296, 5270
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